… the mega eCommerce website will soon begin offering auto insurance in India, the first of its kind.
Acko General Insurance, a digital insurance startup in India, has reached an agreement with Amazon Pay, the unit’s payments arm in India, to offer car and motorcycle insurance… The insurance is available on Amazon’s app and mobile website… Amazon’s Prime customers are promised extra benefits and more discounts…
[Amazon] will go head-to-head in competition with rivals in India including Paytm, the Indian online payment and financial technology company, and SoftBank’s insurance aggregator Policybazaar, Indian insurance aggregator and a global financial technology company.
The collaboration with Amazon is expected to bring scale and reduce dealership commissions… [CEO of Acko General Insurance:] “The idea is to find some way to collaborate in the future… We’re a new age insurance company and [Amazon] believes it can create value. They see that bundling financial service or something in the lending space [may] happen [in the future] given the data and numbers of users they sit on.”