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Flipkart, a leading e-commerce player, has tied up with Bajaj Allianz General Insurance to offer customised insurance to leading mobile brands being sold on the e-commerce major’s platform.
This marks decade-old Flipkart’s foray into insurance after it secured a corporate agent licence from the insurance regulator, IRDAI.
The insurance will be available from October 10 when Flipkart’s Big Billion Days (TBBD) begins.
Under the tie-up, customers will be able to purchase the insurance-powered Complete Mobile Protection (CMP) plan when they buy the mobile phone, at a price point starting from ₹99. Once the customer shares the required details at checkout, the policy will be activated from the day of delivery.
Flipkart, a company in which global retail giant Walmart acquired majority stake in May, enjoys 65 per cent share in overall online phone sales in the country.
Commenting on the latest initiative, Ravi Garikipati, Senior V-P and head of Fintech, Flipkart, said: “In line with our customer-first policy and as the market leader in this segment, insurance felt like 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.”
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Co, said: “Bajaj Allianz General Insurance has always been at the forefront in exploring new avenues for our customers and being there for them wherever they are, and this partnership with Flipkart is a step in that direction. We together are starting with the CMP plan, or complete protection plan, for mobile phones, in a category that Flipkart leads, adding value for millions of its customers.”
It is estimated that about 36 per cent of mobile phone users in India own smart phones.
The biggest worries for customers are screen damage and theft, both of which are prevalent in the country. Other than the warranties offered by manufacturers, there are no large-scale micro-insurance offerings for customers, who may not even know where to begin looking for one.
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