BENGALURU: E- commerce giant Flipkart backed by Walmart is entering the insurance sector to offer customised insurance for mobiles in partnership with Bajaj Allianz General Alliance after obtaining a corporate agent license.
To start with Flipkart will offer customised insurance solutions to power its Complete Mobile Protection program (CMP) for all leading mobile brands being sold on its platform in partnership with Bajaj Allianz General Insurance.
Estimates suggest about 36% of mobile phone users in India own smartphones. The biggest worry for customers is damaging their screens or having their phone stolen, both of which are prevalent CMP intends to instill post purchase assurance in the minds of customers, which is a major barrier to get offline customers to buy mobiles online.
The insurance is designed to give complete protection against a variety of perils and damages, internal & external, the insurance will be valid for a year, covering accidental, screen, and liquid damage along with theft.
Customers will be able to purchase the insurance powered Complete Mobile Protection plan at the same time as they buy the mobile phone, at a nominal price point starting from Rs 99.
The insurance will be available from October 10th, the start of Flipkart’s The Big Billion Days (TBBD).
Ravi Garikipati, Sr. VP and head of Fintech, Flipkart said, “The plan, from purchase to claim, will be completely integrated into our online platform, which customers are already familiar with and trust. We want to put this choice in their hands and give them the chance to soothe their worries by protecting their valued purchase, if they so desire.”