E-commerce giant Amazon's payment arm Amazon Pay has tied up with general insurance startup Acko to offer insurance for motor vehicles.
Amazon Pay has said that insurance claims would involve zero paperwork, a one-hour pick-up, and a three-day assured claim, Livemint reported. Moreover, customers will be able to pay insurance premiums by using Amazon Pay balance, Unified Payments Interface (UPI), or any saved card. Customers will also be able to download a copy of the policy from Your Orders page.
Amazon Prime members will get extra benefits including additional discounts on premiums on insurance category, the Payment firm said.
Amazon India is trying to strengthen its presence in financial services.
This year, in April, Amazon launched its credit line services 'Pay Later', in partnership with Capital Float and Karur Vysya Bank.
Varun Dua, chief executive officer, Acko General Insurance said with this collaboration they were aiming to deliver a superior consumer experience by making it more affordable, accessible and seamless.
Over the past year, Amazon Pay's rivals, including Paytm and PhonePe have also entered the insurance business and acquired distribution licences.
Flipkart entered into a partnership with Aegon Life Insurance to offer instant life insurance with an assured sum of up to Rs 10 lakh in March this year. Paytm also announced its foray into insurance and acquired Raheja QBE General Insurance in July this year. PhonePe has done a collaboration with ICICI Lombard to offer insurance products. Moreover, Facebook-owned WhatsApp has reportedly announced its entry into lending, micro-insurance, and micro-pension products on Thursday.Amazon Pay ties up with Acko to sell auto insurance.
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