FinTech: Amazon Now Selling Auto and Bike Insurance in India

July 24, 2020 | FinTech, News
https://dailyalts.com/wp-content/uploads/2020/07/cars-crash-5374188_640.jpg

The eCommerce giant’s Amazon Pay service will sell car and bike insurance.

Amazon (NASDAQ: AMZN) announced Thursday that its Amazon Pay service had begun to offer two and four-wheeler insurance policies in India, in partnership with Acko General Insurance Ltd. (The Amazon blog)

Amazon Pay is a service that allows a customer to use the payment methods already associated with their Amazon account to make payments for goods, services, and donations on third-party websites, in apps, and using Alexa.

The Pay service offers  UPI, wallet, and co-branded credit card services to users. It is a step in the ladder of the online shopping giant’s ambitions to ultimately offer the full bouquet of financial services in the country.

Amazon now an insurtech?

India’s army of insurance agents, which peddle insurance on a commission basis, now have another online competitor to worry about. They were already a threatened species when online digital platforms such as PolicyBazaar offered an insurance marketplace that simplified the process of purchasing coverage.

Now there’s an 800-pound gorilla in the room in the guise of Amazon as an insurance corporate agent.

The company said in a blog that customers could purchase insurance in less than two minutes with no paperwork. Some features:

  • Instant quotation on providing basic details
  • Simple and easy to understand
  • Purchase in a few, easy steps
  • Policy in an email inbox in less than 2-minutes
  • Claims are hassle-free
    • Zero paperwork
    • On-hour pickup
    • 3-day assured claim servicing
    • 1-year repair warranty
    • Optional cash settlement for low-value claims

Acko General Insurance

Acko launched in 2016 as India’s first digital insurance company – an insurtech. The company has sold insurance to over 50 million customers to date.

The company is backed by Amazon, Accel, Catamaran Ventures, SAIF Partners, Swiss Re Transamerica Ventures, and seasoned investors like Ashish Dhawan, Kris Gopalakrishnan, Hemendra Kothari, Atul Nishar, Rajeev Gupta, Venk Krishnan, and Subba Rao. Its latest round of funding has also added Binny Bansal, RPS ventures and Intact ventures to its list of investors.

Amazon led a $12 million funding round in Acko in 2018.

Related Story:  Indian Insurance Marketplace PolicyBazaar Plans $500M IPO

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/08/Blackstone.jpg
Blackstone Acquires Largest Consumer DNA Database
August 7, 2020     Alternative Investments, Private Equity

Private Equity Meets Both Privacy Concerns and Major Growth in Next-Generation Industry.  The PE space is buzzing over private equity giant Blackstone’s acquisition of DNA testing company Ancestry.  The firm…

https://dailyalts.com/wp-content/uploads/2020/08/Ares.jpg
Private Equity: Ares Raises $5 Billion En Route To $30 Billion 2020 Haul

Ares Leapfrogs Competitors Through Pandemic.  Investment firm giant Ares has raised $5 billion for its private equity fund in the second quarter.  The firm’s goal is to raise up to…

https://dailyalts.com/wp-content/uploads/2020/08/row-houses-384596_640.jpg
Alternative Investments/Real Estate: HOMZ ETF Issuer To Ring NYSE Closing Bell To Mark Fee Cut
August 6, 2020     Alternative Investments, News, Real Estate

The Hoya Capital Housing ETF (NYSE: HOMZ) announced Wednesday a cut in its expense ratio from 0.45% to 0.30%, effective from August 1, 2020. It claimed that it has the…

https://dailyalts.com/wp-content/uploads/2020/08/Hero-image-2.jpg
FinTech: Grab Financial Flags Off A Bouquet of New Services
August 6, 2020     FinTech, News

Grab Financial Group Expands Suite of Products Under ‘Thrive with Grab’ Strategy