Amazon Pay Expands Insurance Offerings in India
Amazon Pay is reportedly expanding its financial services in India by doubling down on insurance products. The company has begun offering travel insurance as part of this strategy.
Amazon Pay India is set to significantly broaden its insurance product portfolio within the Indian market, aiming to evolve from a simple payments processor into a comprehensive financial services provider.
The company announced plans to introduce travel insurance and other related products. This move aligns with Amazon Pay's broader strategy to offer customers a wider range of credit, insurance, savings, and investment solutions.
Most recently, Amazon Pay partnered with HDFC ERGO to enter the health insurance sector. The company views health insurance as a critical area for growth, noting the relatively low penetration of personal health insurance among the Indian population.
Amazon Pay first entered the insurance distribution business in India in 2020, collaborating with ACKO General Insurance to offer vehicle insurance for cars and two-wheelers. The fintech arm operates as a registered corporate agent, enabling it to distribute products from licensed insurers.
Amazon Pay India reported operating revenue of INR 2,097 crore (approximately $251 million) for FY25, an 8.3% decrease from the previous fiscal year. Net losses narrowed by 5% to INR 866 crore ($103 million).