Flipkart-owned digital payments platform PhonePe has received an insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI). This means that with the new ‘direct broking’ licence, PhonePe can now distribute insurance products from all insurance companies in India, on its platform.
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Earlier in January 2020, PhonePe entered the insurtech sector, but with a limited insurance ‘corporate agent’ licence, which restricted it to partner with only three insurance companies per category. Prior to getting a broking licence, PhonePe, from January 2020, operated as a corporate agent and launched several offerings across general insurance, term insurance and health insurance. However, as a corporate agent, it was only restricted to partner with three insurance companies per category.
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