In a bid to strengthen its financial services segment, Amazon plans to join local rivals and sell insurance in India.
According to a report by BloombergQuint, Amazon’s filings with the Registrar of Companies indicates that the world’s largest online retailer will start by selling general, health and life insurance. It will lobby, secure and service insurance as a corporate agent.
The report quotes a source as saying that Amazon is yet to seek the Insurance Regulatory & Development Authority’s approval, but is on track to do so.
The Seattle-based company already has been expanding and developing its payments business in the last two years and currently offers several payments services through its Amazon Pay app.