Insuretech company PhonePe has received insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI). PhonePe has become a direct agent to sell life and general insurance covers.

In 2020, PhonePe entered the insurtech sector with a limited insurance 'corporate agent' licence, which restricted the company to partnering with only three insurance companies per category.

This 'direct broking' licence will allow it to distribute insurance products both life and general covers as a direct broker.

Gunjan Ghai, vice-president & head of Insurance at PhonePe, said, "This licence is a big milestone in our insurance journey. We are building a robust, full service platform for our deeply engaged customer base through innovative products in partnership with high quality insurers. This move will lead us closer to our goal of becoming a one-stop destination for all the insurance needs of our customers."

The new broking licence will allow PhonePe to start offering personalised product recommendations to its more than 300 million users, and offering a much more diverse portfolio of insurance products for Indian consumers.