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Business News/ Companies / News/  Amazon Pay joins hands with Acko to offer auto insurance

Amazon Pay joins hands with Acko to offer auto insurance

The pact allows customers to purchase insurance on Amazon Pay for cars or two-wheelers
  • Amazon Pay said insurance claims will be coupled with zero paperwork and one-hour pickup
  • Vikas Bansal, director and head of financial services, Amazon Pay India,Premium
    Vikas Bansal, director and head of financial services, Amazon Pay India,

    Amazon Pay, the payments arm of e-commerce giant Amazon India, has partnered Acko General Insurance Ltd to offer insurance for two- as well as four-wheelers.

    Customers can get a quote for their cars or two-wheelers on Amazon Pay by providing basic details. They can also select from a list of add-ons such as zero-depreciation, engine protection and more.

    Amazon Pay said insurance claims will be involve zero paperwork, one-hour pick-up, three-day assured claim servicing, and

    Customers can also pay insurance premiums using Amazon Pay balance, Unified Payments Interface (UPI), or any saved card. A copy of the policy can also be downloaded from Your Orders page.

    Varun Dua, CEO, Acko General Insurance.
    View Full Image
    Varun Dua, CEO, Acko General Insurance.

    “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 Amazon Pay India.

    Amazon India has been trying to bolster its presence in financial services.

    In April-end, Amazon also launched its instant credit line service, ‘Amazon Pay Later’, partnered with digital lending startup Capital Float and Karur Vysya Bank, to rival Flipkart’s Pay Later product.

    “We are happy to partner with Amazon Pay to offer an auto insurance proposition that has been designed with the customer at the centre. Through this product we aim to deliver a superior consumer experience right from purchase to claims by making it more affordable, accessible and seamless,"said Varun Dua, chief executive officer, Acko General Insurance. “This launch also marks an important milestone in our successful partnership with Amazon and we are excited about the journey ahead," he added.

    Amazon Prime members get extra benefits including additional discounts on premiums on its insurance category.

    Over the past year, several competitors of Amazon Pay, including Paytm and Flipkart-owned PhonePe, have entered the insurance business and acquired distribution licences.

    In March, Flipkart, which has been aggressively promoting its life insurance policy, partnered with Aegon Life Insurance to offer instant life insurance with an assured sum of up to 10 lakh. Walmart-owned Flipkart has been aiming to offer life insurance on its platform with premiums ranging upward of 129 for 1 lakh sum assured.

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    Published: 22 Jul 2020, 07:55 PM IST
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