PhonePe receives direct broking licence from IRDAI
- Flipkart-owned digital payments platform PhonePe has received an insurance broking licence from Insurance Regulatory and Development Authority of India (IRDAI).
- This means that with the new ‘direct broking’ licence, PhonePe can now distribute insurance products from all insurance companies in India, on its platform.
- Earlier in January 2020, PhonePe entered the insurtech sector, but with a limited insurance ‘corporate agent’ licence, which restricted it to partner with only three insurance companies per category.
Source: Business Standard
Points to Remember:
- PhonePe has received which licence from IRDAI to sell insurance products?