Amazon now sells auto insurance in India

Comment

Amazon’s India business said on Thursday it has begun offering auto insurance to cover two and four-wheelers in the country, marking the American giant’s first foray into this financial services category globally.

The e-commerce giant said it had inked a deal with Mumbai-headquartered Acko General Insurance to offer customers car and motor-bike insurance. Amazon is also an investor in Acko.

Mahendra Nerurkar, chief executive and director of Amazon Pay in India, said on Wednesday evening at a fintech conference that the company was planning to expand its insurance service to offer coverage on health, flight and cabs.

The auto insurance is available to customers through Amazon Pay on the e-commerce giant’s website and app. The company said buying insurance will take less than two minutes and requires no paperwork.

“This coupled with services like hassle-free claims with zero paperwork, one-hour pick-up, 3-day assured claim servicing and 1 year repair warranty – in select cities, as well as an option for instant cash settlements for low value claims, making it beneficial for customers,” it added.

Customers who have subscribed to Amazon Prime, the company’s loyalty program that costs about $13 a year in India, will be able to access additional benefits and discounts, Amazon said without identifying those benefits.

India’s insurance market is the latest financial services sector that has attracted the attention of local and international tech giants. Paytm, India’s most valued startup, and its chief executive Vijay Shekhar Sharma, acquired insurance firm Raheja QBE for a sum of $76 million earlier this month.

In India, only a fraction of the nation’s 1.3 billion people currently have access to insurance, and some analysts say that digital firms could prove crucial in bringing these services to the masses.

According to rating agency ICRA, insurance products had reached less than 3% of the population as of 2017. An average Indian makes about $2,100 a year, according to the World Bank. Of those Indians who had purchased an insurance product, they were spending less than $50 on it in 2017, ICRA estimated.

“Our vision is to make Amazon Pay the most trusted, convenient and rewarding way to pay for our customers. 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,” said Vikas Bansal, director and head of financial services at Amazon Pay in India, in a statement.

Though Amazon Pay is available in several markets, the payments service’s offering in India remains unmatched. The company has used the world’s second largest internet market, where it has invested more than $6.5 billion to date, as a testbed to explore various unique opportunities. The Amazon Pay app in India, for instance, also sells movie and flight tickets.

More TechCrunch

Get the industry’s biggest tech news

Every weekday and Sunday, you can get the best of TechCrunch’s coverage.

Startups are the core of TechCrunch, so get our best coverage delivered weekly.

The latest Fintech news and analysis, delivered every Tuesday.

TechCrunch Mobility is your destination for transportation news and insight.

By submitting your email, you agree to our Terms and Privacy Notice.

Tags

AI-powered Regard nabs $61M to find missed illness, boost hospital revenue

People in tech often say that data is the new oil. That phrase, coined by British mathematician Clive Humby, of course implies that data is valuable. Data about a person’s…

Featured Article

Intel Capital backs AI construction startup that could boost Intel’s own manufacturing prospects 

Intel could be giving its burgeoning foundry ambitions a much-needed shot in the arm, as the chip giant’s venture capital arm today revealed that it’s making a “strategic” investment in an Israel- and U.K.-based AI construction startup. Intel Capital is leading a $15 million investment into Buildots, a company that…

EU ends Apple Pay antitrust probe with binding commitments to open up contactless payments

The European Union has accepted commitments from Apple over how it operates Apple Pay to settle a long running competition investigation. Commission EVP Margrethe Vestager, who heads up the EU’s…

Joby Aviation is betting on hydrogen-electric aircraft for regional flight

Joby Aviation is still a year away from commercially launching its electric air taxi designed for urban environments, but the startup is already looking towards its next chapter: Intercity flight,…

Sekai secures Naruto’s license to develop consumer apps for anime fans

Just like in your favorite anime, this is the story of a young group of twenty-something who started with nothing, traveled the world and ended up with a global license…

Uzbekistan mobile bank TBC raises $38.2M to expand its financial products

Uzbekistan’s mobile-only bank TBC Bank Uzbekistan has raised $38.2 million in a fresh funding by its existing shareholders.

Adfin wants to fix bill payments for sole traders and small companies

Meet Adfin, a new UK-based fintech startup that wants to help companies get their invoices paid — whatever it takes. Founded by two fintech experts, the company is starting with…

Reliance may list Jio at $112 billion valuation next year, Jefferies says

Reliance Industries, India’s most valuable company, may consider spinning off its telecom arm Jio for a public listing as early as 2025, Jefferies said in a research note, with investors…

Apple warns iPhone users in 98 countries of spyware attacks

Apple has issued a new round of threat notifications to iPhone users across 98 countries, warning them of potential mercenary spyware attacks. It’s the second such alert campaign from the…

Beeble AI raises $4.75M to launch a virtual production platform for indie filmmakers

Visual effects (VFX) have emerged as essential in filmmaking and have transformed storytelling and creativity in the film industry with its diverse digital techniques. However, the high cost of VFX…

More ex-military officials are becoming VCs as defense tech investment reached $35B

As venture capitalists continue to pour money into defense tech startups, they’re turning to a new hiring pool: ex-military officials.  

FTC study finds ‘dark patterns’ used by a majority of subscription apps and websites

Dark patterns refer to a range of design techniques that can subtly encourage users to take some sort of action or put their privacy at risk.

Elon Musk does not owe ex-Twitter staffers $500 million in severance, court rules

Elon Musk faces several lawsuits for firing more than 6,000 Twitter employees, including then-CEO Parag Agrawal, following Musk’s 2022 takeover of the social media platform. On Tuesday, Musk defeated one…

Meta will soon let kids aged 10 to 12 interact with others in VR with their parents’ approval

Meta announced on Wednesday that users aged 10 to 12 will soon be able to interact with others in VR if they have their parents’ approval to do so. Up…

AWS App Studio promises to generate enterprise apps from a written prompt

Generative AI is everywhere these days, but Amazon Web Services has been perceived in some circles as being late to the game. In reality it’s still early, and the market…

Microsoft emails that warned customers of Russian hacks criticized for looking like spam and phishing

Cybersecurity experts are criticizing Microsoft for data breach notification emails that are confusing customers.

Marc Andreessen, Sequoia again back Kearny Jackson, this time in $65M Fund III

After securing $14 million for its second fund in 2023, early-stage VC firm Kearny Jackson is back with a third fund.

Spotify is no longer just a streaming app, it’s a social network

The question now is whether Spotify will add something similar for music artists in the future.

Microsoft settles with European cloud trade body over antitrust complaints

The core issue relates to a 2019 licensing change whereby Microsoft made it more expensive to run Microsoft’s enterprise software on rival cloud services.

Featured Article

From Facebook to the face of crypto: Inside Anthony Pompliano’s wild career

He’s known by a single-syllable name: Pomp. But his story is of an unconventional rise to success that almost ended two years after it began.

While TikTok chases YouTube, Instagram vows to focus on short-form content

As TikTok continues to test the waters with longer videos, Instagram Head Adam Mosseri has said the Meta-owned social network will continue to focus on short-form content. In an Instagram…

Elevate your startup with the ScaleUp Program at TechCrunch Disrupt 2024

Are you a Series A to B startup aiming to make a big splash in the tech world? Look no further than the ScaleUp Startups Exhibitor Program at TechCrunch Disrupt…

Samsung unveils Galaxy Buds 3 Pro and Buds 3, available for preorder now and shipping July 24

While Samsung has maintained its own familiar design with the standard Galaxy Buds 3, the Pro are experiencing a sort of Apple identity crisis.

Samsung’s Galaxy Ring, its first smart ring, arrives July 24 for $399

At Unpacked 2024, the company shared more details about the Galaxy Ring, which represents the first take on the category from a hardware giant.

Samsung Galaxy Z Fold and Z Flip 6 arrive with Galaxy AI and Google Gemini

At the heart of the features is the Snapdragon 8 Gen 3, which is the same system on a chip that powered the Galaxy S24.

Vimeo joins YouTube and TikTok in launching new AI content labels

Vimeo joins TikTok, YouTube and Meta in implementing a way for creators to label AI-generated content. The video hosting service announced on Wednesday that creators must now disclose to viewers…

Google brings new Gemini features and Wear OS 5 to Samsung devices

The search giant is updating its Gemini for Android app to be more suitable for foldables with the ability to use Gemini with overlay and split screen interfaces.

XNXX joins handful of adult sites subject to EU’s strictest content moderation rules

The European Union has designated adult content website XNXX as subject to the strictest level of content regulation under the bloc’s Digital Services Act (DSA) after it notified the bloc…

As Microsoft leaves its observer seat, OpenAI says it won’t have any more observers

This likely rules out reports of Apple gaining an observer seat.

Deep tech startups with very technical CEOs raise larger rounds, research finds

SaaS founders trying to figure out what it takes to raise their next round can refer to Point Nine’s famous yearly SaaS Funding Napkin. (The term refers to “back of…

About

Legal

Trending Tech Topics

Powered by WordPress VIP