The company will be offering the insurance together with insurtech company Acko General Insurance, making it possible for customers to purchase insurance in less than two minutes without paperwork. Acko operates primarily through its digital platform and Amazon is an investor in the company.
The services offered will include claims with zero paperwork, one-hour pick-up, three-day assured claim servicing and one-year repair warranty. There will also be an option for instant cash settlements for low-value claims.
Customers can buy the insurance from the Amazon Pay website. They will be asked to provide a few basic details to get a quote for their car or bike’s insurance. Additionally, they can select from a list of add-ons like zero-depreciation and engine protection. Customers can pay using their Amazon Pay balance, UPI, or any saved card, and the policy will be in their email inbox in less than two minutes. A copy of the policy can also be downloaded.
Vikas Bansal, Director and Head of Financial Services at Amazon Pay India, 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.”
Varun Dua, CEO at Acko General Insurance, added: “We aim to deliver a superior consumer experience right from purchase to claims by making it more affordable, accessible and seamless. This launch also marks an important milestone in our successful partnership with Amazon and we are excited about the journey ahead.”