Flipkart enters insurance

E-commerce major to offer solutions for mobile protection

Walmart-backed online retailer Flipkart said on Sunday that it is foraying into insurance after securing a corporate agent licence. To start with, the company said it would offer customised insurance solutions to power its ‘complete mobile protection program.’ It will do this for all leading mobile brands being sold on its platform in partnership with Bajaj Allianz General Insurance.
Cash payout option
Flipkart said the programme would offer cash payout option or free pickup, service and drop convenience to customers. “We want to put this choice in their [customers] hands and give them the chance to soothe their worries by protecting their valued purchase,” said Ravi Garikipati, senior vice president and head of fintech, Flipkart. The announcement comes at a time when Flipkart’s rivals Amazon and Paytm are also eyeing Indian insurance industry which is expected to grow to $280 billion by 2020, according to a joint study by industry body Assocham and research firm APAS. The insurance will be available from October 10, 2018, the start of Flipkart’s festive season sale ‘The Big Billion Days’ (TBBD). India is the world’s second-largest smartphone market after China, overtaking the U.S last year, according to research firm Canalys. Flipkart said its share of online phone sales is currently about 65%. “We together are starting with… complete protection plan for mobile phones, in a category that Flipkart leads, adding value for millions of its customers,” said Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance Co. Ltd.
Source :  https://www.thehindu.com/todays-paper/tp-business/flipkart-enters-insurance/article25152198.ece

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