Ahead of Big Billion Day sale starting October 10, Indian e-tailing giant Flipkart announces its foray into the mobile insurance market. Flipkart has tied up with Bajaj Allianz General Insurance, to offer insurance on mobile products.
The company will offer customised insurance solutions, to power its complete mobile protection programme, for leading mobile leading brands sold on its platform.
The insurance plan will be available to customers, while buying the mobile phone, at a nominal price of ₹99. It will be valid for a year, giving a complete protection plan, covering, accidental, screen, liquid damage, and theft.
Under the programme, the customers will have the option to opt for cash payout that will be deposited in their bank accounts, or free pick up, service, and drop convenience. From purchase to claim, the services will be completely integrated with Flipkart’s platform, enhancing customer experience.
“Insurance is our logical next move in providing consumers with after-sales care for their phones. The plan, from purchase to claim, will be integrated into our online platform,” said Flipkart Senior Vice-President Ravi Garikipati in the statement.
Apart from manufacturer warranty, there are no other micro-insurance services for customers, both Flipkart and Bajaj Allianz will be looking to capture the market with its new offering.
Walmart-owned Flipkart is a market leader in online phone sales, with a 65% market share, the new offering will complement Flipkart’s mobile sales, enabling customers to easily opt for mobile insurance, at a nominal price, starting from this Big Billion Day sale.
Earlier last month, it was reported that global online retailer Amazon is looking to enter the Indian insurance industry, starting with life, health, and general insurance.
The global mobile insurance market is expected to be worth more than $27 billion by 2020, growing at a CAGR of around 10%, from $20.5 billion in 2017. With the Indian smartphone market expected to grow rapidly, there is a growing opportunity in the Indian mobile insurance market.