Amazon India announced today that it has begun offering auto insurance in India, forming a partnership with Bengaluru based startup Acko General Insurance and offering the same via Amazon Pay. This launch has marked Amazon’s entry in the insurance market, making India, company’s first insurance market ever.
The company has insurance plans that will cover two-wheelers as well as four-wheelers. However, it is important to note that the insurance is only available for mobile users, either on company’s Android and iOS mobile apps, or the mobile website.
This auto insurance can be purchased on Amazon Pay’s home page. To get insured, customers have to provide certain, very basic details to get an estimate for their cars or bikes insurance plans. Two and four-wheeler owners can select multiple add-ons like zero-depreciation, engine protection, and more and payments can be made simply by using Amazon Pay balance, UPI, or debit/credit card. Thus, Amazon will become a one stop shop addressing all your insurance needs, at least if you are in India.
Amazon Pay Insurance’s selling point is its affordability and convenience. It involves no paperwork , gives 1-year repair warranty and assures road assistance with one hour pick up. Moreover, the company claims that customers can get their vehicles insured in just two minutes. Prime members will, of course, get more benefits like higher discounts.
For those unaware, Acko insurance is India’s first digital general insurer. It claims to be “obsessed with making insurance effortless. Despite being a startup, it has partnered with quite a few big names like Ola, redBus, Amazon and OYO.
Clearly the entire process can be completed virtually with no physical interaction involved, so Amazon Insurance seems to be perfect for the world’s current situation.
“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.
“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 Acko General Insurance CEO Varun Dua said