Amazon jumpstarts India motor insurance business

Amazon jumpstarts India motor insurance business | Insurance Business

Amazon jumpstarts India motor insurance business

Amazon India has ventured into the Indian insurance market by partnering with Acko General Insurance Ltd to sell motor insurance products for two- and four-wheeled vehicles.

The move sees the global e-commerce giant enter the insurance arena of one of the fastest-growing emerging markets in Asia. It is part of a trend of technology giants’ increased interest in the insurance industry, due to the wealth of data it holds.

Read more: Amazon looks to file for insurance licence

According to a blog post by Amazon India, the insurance is available from the Amazon app and mobile website. It added that claims do not involve any paperwork and come with a three-day claim servicing guarantee and one-year repair warranty. There is also an option for instant cash settlements for low-value claims.

Members of Amazon’s Prime loyalty programme can avail of extra benefits including additional discounts.

“Our vision is to make Amazon Pay the most, trusted, convenient and rewarding way to pay for our customers,” said Vikas Bansal, director & head of financial services of Amazon Pay India. “Delighted by this experience, there has been a growing demand for more services. In line with this need, we are excited to launch an auto insurance product that is affordable, convenient, and provides a seamless claims experience.”