Amazon is now selling insurance, marking a major foray into financial services. But the move comes with two big caveats: The insurance it is selling is in India—and the insurance offered is auto insurance, according to TechCrunch.
To make the deal happen, Amazon signed a deal with Mumbai-based Acko General Insurance to offer auto and motorbike insurance. The e-commerce giant also holds an ownership stake in Acko.
Amazon eventually plans to offer health, flight and cab insurance, said Mahendra Nerurkar, chief executive and director of Amazon Pay in India. Customers can buy the insurance through Amazon Pay in less than two minutes. It is entirely digital. Amazon Prime customers get additional benefits and discounts, but they were not listed.