Taking a step ahead in its attempt to disrupt the financial services domain, Flipkart may soon start selling insurance products on its financial marketplace.
As mentioned in company’s recent RoC filing, “The company intends to venture into the new line of business viz. solicitation and servicing of insurance policies by acting as a Corporate Agent. In this regard the company is required to alter its objects clause in order to align its main objects clause in line with the new line of business the company proposes to undertake.”
It is not clear whether the company has already received an approval from Insurance Regulatory and Development Authority (IRDA), the governing body of the insurance industry in India.
Flipkart’s intentions to launch a financial services marketplace were first revealed in June 2017. It was also being claimed that Flipkart has already curated a team for handling its financial services and products domain.
An email sent to Flipkart did not elicit any response till the time of publication.
As per existing IRDA regulations, a corporate agent can sell insurance policies in sectors such as general, life and health individually or in a combination of two or three services.