Amazon joins hands with Acko to offer auto insurance in India

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, and three-day assured claim servicing and one-year repair warranty in select cities.

Policyholers 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," Amazon Pay India Director and Head of Financial Services Vikas Bansal said.

Varun Dua, CEO of Acko General Insurance, said the company 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.