The car and motorcycle insurance policies offered to Amazon India customers are underwritten by Acko General Insurance
Amazon India, Acko General partner to offer car and bike insurance policies. (Credit: faismeen/Wikimedia Commons)
Amazon has forayed into the Indian motor insurance distribution business by joining forces with digital insurance startup Acko General Insurance.
As part of the partnership, the e-commerce company’s payment arm Amazon Pay is offering two- and four-wheeler insurance policies of the general insurance firm to its Indian customers.
Acko General Insurance CEO Varun Duawas, has been quoted by the Press Trust of India, to have said: “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.”
According to Amazon India, customers can purchase vehicle insurance solutions from Amazon app and mobile web. The car and motorcycle insurance policies, offered to Amazon India customers are underwritten by Acko General Insurance.
The company claims the insurance policies to have lower premiums and are issued instantly online besides offering a hassle-free claims experience.
Amazon Pay India director and financial services head Vikas Bansal said: “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.”
Amazon is an existing investor in Acko General Insurance
Amazon has been associated in the past with Acko General Insurance as well. In May 2020, the e-commerce company said that it is offering a Covid-19 health insurance solution at no costs for its sellers in India with the policy delivery and claims and reimbursements handled by the digital insurance startup.
In May 2018, Amazon invested $12m in the online-only insurance policy provider based in Mumbai.
Claimed to be India’s first digital insurer, Acko General Insurance has sold its insurance policies, completely online without much of paperwork, to more than 50 million unique customers ever since its founding in 2016.
Apart from Amazon, the digital general insurance company has partnerships with Ola, redBus, and OYO for offering trip insurance, electronics cover, and hotel-stay insurance products.