Amazon Pay India partners with Acko to provide motor insurance coverage. It has entered the insurance marketing sector of India. Amazon Pay, the payment arm of Amazon India’s e-commerce company, has collaborated with Acko General Insurance Ltd to sell two-and four-wheeler insurance.
The entrance of Amazon as an agent is aligned with his strategy to become a robust financial service company.
Amazon Pay India has partners that have been working to expand its financial services footprint. The Amazon Pay Later app, supported by digital loan firm Capital Float and Karur Vysya Bank, was also introduced in April to clash with the Pay Later product from Flipkart.
Amazon Pay insurance plan overview
Through giving simple information, clients will provide a quote for their cars or two-wheelers on Amazon Pay. You can also select zero-depreciation, engine protective measures, etc. from a list of add-ons.
Amazon Pay said the compensation benefits would require nil registration, 1-hour compilation, 3-day covered refund .
The Amazon Pay Balance, the Unified Payments Interface (UPI) or other savings card enables consumers still to pay insurance premiums. You can also download a copy of this policy from your checkout page.
“We will be going to offer a commodity that is very competitively priced. And easy to buy on the e-commerce side of things like our services”. Stated by Vikas Bansal, Amazon Pay India’s director and chief financial services officer.
“Our vision is to make Amazon Pay the most trustworthy, convenient and rewarding way our customers can pay. Delighted by this encounter, the need for further facilities has been growing. In line with this need, we ‘re excited to launch an affordable, convenient auto insurance product that delivers a seamless claims
experience, ” Vikas Bansal added.
For Acko, which primarily caters to motor insurance, the tie-up is expected to bring scale and reduce dealership commissions, stated by Varun Dua, CEO of Acko General Insurance.
Payment competitors Paytm and the PhonePe have also expanded their portfolio of insurance products through linkages with insurers.
