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July 23, 2020

Amazon Pay forays into auto insurance in partnership Acko

By Verdict Staff

Amazon Pay, the payment arm of e-commerce giant Amazon, has reportedly partnered with Acko General Insurance to launch car and bike insurance.

The insurance claims will involve zero paperwork, one-hour pick-up, three-day assured claim servicing, reported Livemint.

The customers will be able to avail insurance for their cars or two-wheelers on its platform by providing basic details and select add-ons such as zero-depreciation, and engine protection.

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

Furthermore, extra benefits including additional discounts on premiums are offered to Amazon Prime members on its insurance category.

Amazon Pay director and head of financial services IndiaVikas Bansal has been quoted by the Livemint as saying: “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.”

Recently, several payment companies including Paytm entered into the insurance sector. Amazon Pay’s foray into the insurance space reportedly follows its effort to become a full-fledged financial platform.

Earlier in April, the company rolled out an instant credit line service in partnership with digital lending startup Capital Float and KarurVysya Bank.

Acko General Insurance CEO Varun Duawas quoted as saying: “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.”

In 2018, Acko raised $12m in a funding round led by Amazon.

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