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Amazon ties up with Acko to sell motor insurance cover

Tuhin Guha  | Updated: July 23, 2020, 12:51 PM IST

E-commerce giant Amazon, through its Amazon Pay payments platform, has tied up with motor insurance provider Acko to enter the motor insurance distribution sector. Through this, Acko's insurance plans will be listed on the Amazon Pay platform.

Amazon promises that it will offer both, third-party and comprehensive cover for four-wheelers and two-wheelers on its platform at prices that are up to 80 percent less than market rates. Subscribers of the Amazon Prime suite of services also get an extra discount of up to Rs 999 and get add on cover such as RSA, outstation assistance and consumables for Rs 40.

Customers can get insurance quotes for their vehicle instantly by added simple details about their car/motorcycle and their previous policies on the Amazon Pay website. Amazon says claims are processed with zero paperwork, one-hour pick up and three-day servicing. A copy of the policy will be available to download on the orders page.

Premiums can be paid on the Pay website itself via UPI, Amazon Pay balance or any of your credit/debit cards.  Recently, e-commerce firms have begun focusing on financial services as means of growth, given the intense competitiveness of this sector. Amazon's competitors Paytm and Flipkart have also begun to offer insurance products on their portals.

Acko is a start-up focused on vehicle insurance that was launched in 2016 as a digital-only insurance firm. The organization has various tailored products for its tie-ups with Ola, Oyo, Zomato and Red Bus, among others. The firm has received USD 143 million in venture capital funding so far.

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