Chennai: PhonePe announced that it has been issued an insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI).
Last year PhonePe entered the Insurtech sector with a limited insurance ācorporate agentā license, which restricted the company to partnering with only three insurance companies per category, a release said.
“Now, with this new āDirect Brokingā license, PhonePe can distribute insurance products from all insurance companies in India. The new broking license also allows PhonePe to start offering personalised product recommendations to its users,” it added.