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October 8, 2018

E-commerce major Flipkart enters insurance space

Flipkart has joined forces with Bajaj Allianz to launch an insurance programme for smartphones.

The move marks the e-commerce firm’s foray into the insurance segment. It will initially provide customised insurance solutions for smartphones sold on its shopping platform.

The Walmart-owned company obtained a corporate agent licence from Bajaj Allianz to offer the insurance service.

Customers shopping on the platform can use the proposition from 10 October 2018. It also marks the start of the e-commerce firm’s festival offer The Big Billion Days.

Furthermore, the insurance will be available in cash payout option or free pick-up and drop service.

Flipkart plans

Bajaj Allianz General Insurance MD and CEO Tapan Singhel said: “We together are starting with the CMP plan, i.e. complete protection plan for mobile phones, in a category that Flipkart leads, adding value for millions of its customers.”

Customers can purchase the insurance plan as soon as they buy the device, with plans starting from INR99 ($1.34).

The insurance plan will be activated from the delivery day and have a one-year validity period. It will cover accidental, screen, and liquid damage as well as theft.

Customers can make claims through the firm’s app, via email or a phone call.

VP and head of fintech Ravi Garikipati said: “In line with our customer-first policy and as the market leader in this segment, insurance felt like the logical next step in providing consumers with excellent after-sales care for their phones.

“The plan, from purchase to claim, will be completely integrated into our online platform, which customers are already familiar with and trust.”

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