Business

Flipkart Teams Up With Bajaj Allianz To Provide Insurance

JAVED SAIFI | 0
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| October 8 , 2018 , 11:46 IST

The US-based Walmart owned E-commerce major Flipkart in India has decided to offer Insurance cover to customers who buy a smartphone on its platform, media reported on Monday.

The Insurance Scheme will be effective from October 10 that covers benefits including cash payout, free pickup, service and drop facility if the device gets damaged or stolen in any circumstances.

In order to offer Insurance scheme on its platform, Flipkart has secured a corporate agency licence from the Insurance Regulatory and Development Authority (IRDAI) and has partnered with Bajaj Allianz General Insurance.

Also Read: 7 Crore Small Businesses To Join Bharat Bandh Today, In Protest Against Walmart-Flipkart Deal 

Commenting on the move, Ravi Garikipati, senior vice-president and head of Fintech at Flipkart said, “It (insurance) is 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."

After introducing a facility of credit of up to Rs 60,000 to its customers to purchase any products on its platform on October 4, it is Flipkart's another move to establish itself as a strong player in the financial services space.

The moves are likely to boost sales and trust on the platform.