PhonePe receives insurance broking license from IRDAI

Fintech unicorn PhonePe has been issued an insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). In 2020, PhonePe entered the Insurtech sector with a limited insurance corporate agent license, which restricted the company to partner with only three insurance companies per category.

After emerging as one of India’s leading digital payments facilitators over the last two years, PhonePe is now attempting to come up as a full-stack financial services player. The firm last week announced that it has received from the Reserve Bank of India an in-principle license to operate as an account aggregator. ET had earlier this year reported that PhonePe has applied for a stockbroking license from the Securities and Exchange Board of India.

Since launching insurance on its platform in January 2020,
PhonePe has unveiled offerings across general, term, and health insurance on its platform.

The new broking license will also allow PhonePe to start offering personalized product recommendations to its over 300 million users, and offering a much more diverse portfolio of insurance products for Indian consumers.

Speaking on the development, Gunjan Ghai, vice president & head of insurance, PhonePe, said, “This license is a big milestone in our insurance journey. PhonePe is India’s fastest-growing Insurtech, and this move to broking will give us further momentum and accelerate our growth in this space. We are building a robust, full-service platform for our deeply engaged customer base through innovative products in partnership with high-quality insurers.”