Amazon Pay partners with Acko to offer car and bike insurance in India

The partnership creates a simplified and quick customer journey, completable in less than two minutes and with no paperwork, according to Amazon

Amazon Pay has teamed up with Acko, India’s first digital insurer, to offer car and bike insurance.

Customers can now purchase Acko car and bike policies through Amazon Pay on the website or through the app, with Prime members set to receive additional benefits and discounts.

The partnership creates a simplified and quick customer journey, completable in less than two minutes and with no paperwork, according to Amazon.

Acko, with more than 50 million policies sold in India, will provide hassle-free claims, one-hour pick-up, three-day assured claim servicing and one-year repair warranties, as well as an option for instant cash settlements for low value claims.

Add-ons such as zero-depreciation and engine protection will also be available.

Vikas Bansal, director and head of financial services at Amazon Pay in India, which sells movie and flight tickets, said there has been a growing demand for more services from its existing customers. 

Bansal said: “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, chief executive officer of Acko General Insurance, continued: “We are happy to partner with Amazon Pay to offer an auto insurance proposition that has been designed with the customer at the centre.”

“Through this product 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.”

Acko has made significant progress since it arrived on the insurtech scene in India in 2016.

Last year, Acko raised $65 million in series C funding. The digital insurer is also planning to offer cover for health, taxis and flights.

Amazon Pay, meanwhile, is pressing ahead with a significant expansion in India, where the internet giant has so far committed $6.5 billion in investment, with $1 billion set aside to help small and medium-sized businesses move online.

Image: Shutterstock

Mark Dugdale