Amazon is in the process of registering with Indian regulatory authorities to sell life, health, and other insurance to consumers there. Per Bloomberg Quint:
Amazon India wants to start by selling life, health and general insurance, according to its filings with the Registrar of Companies. The Seattle-based giant said it aims to carry out the business of soliciting, procuring and servicing insurance as a corporate agent…
Amazon has yet to seek an approval from the Insurance Regulatory and Development Authority, a person in the know told BloombergQuint requesting anonymity. A company spokesperson, in an emailed response, however, confirmed the plan, saying Amazon Pay is looking to “serve the needs of customers around insurance. Stay tuned”.
India is a strategic growth market for Amazon, with intense competition from Walmart’s Flipkart and others (Flipkart is in the process of seeking approval to sell insurance as well). Like with its new Amazon Pay EMI service, Amazon has consumer data that should help it to assess risk and lower fraud rates. Amazon is also rumored to be exploring the insurance markets in the US, UK, and other countries as well.