Amazon joins hands with Acko to offer auto insurance in India through its payments arm
Amazon Pay on Thursday said it has tied up with Acko General Insurance Ltd to offer two- and four-wheeler insurance policies in India.
Amazon Pay, which is the payments unit of Amazon India, will help customers purchase insurance effortlessly, and Amazon Prime members will get extra benefits, including additional discounts, a statement said.
Customers can buy auto insurance from Amazon Pay page, Amazon app, or mobile website, and they can get a quote for their car or bike's insurance by providing basic details, it said.
In this quick paperless insurance plan, customers can get hassle-free claims with zero paperwork, one-hour pick-up, three-day assured claim servicing, and one-year repair warranty in select cities.
Policyholders will also have an option for instant cash settlements for low-value claims, making it beneficial for customers.
Additionally, customers can select from a list of add-ons like zero-depreciation and engine protection, and they will be able to pay for the insurance using Amazon Pay balance, UPI, or cards, the statement 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," Vikas Bansal, Director and Head of Financial Services, Amazon Pay India, said.
Varun Dua, CEO of Acko General Insurance, said the startup aims to deliver a superior consumer experience — right from purchase to claims — by making it more affordable, accessible, and seamless through the partnership.
Acko, which has raised funding from Amazon, Accel, SAIF, and Binny Bansal, has catered to over 55 million unique customers over the last 24 months.
Amazon India today also announced that it has added 10 new warehouses, and expanded seven existing buildings ahead of its upcoming Prime Day sale.
These new fulfilment centres will be set up in Delhi, Mumbai, Bengaluru, Patna, Lucknow, Kolkata, Hyderabad, Chennai, Ludhiana, and Ahmedabad, a statement said.