Skip to content

Flipkart will now insure mobiles you buy from it starting October 10

Leading e-tailer Flipkart on Sunday said it had tied up with Bajaj Allianz General Insurance to offer insurance to products like mobiles bought on its online shopping platform from October 10.

“We will offer customised insurance solutions to power our complete mobile protection programme for all leading mobile brands sold on our platform with Bajaj Allianz,” said the city-based company in a statement here.

The decade-old company, in which world retail giant Walmart acquired a majority stake in May, secured a corporate agent license from Bajaj Allianz to provide insurance to its customers.

Walmart completed an acquisition of 77 per cent equity stake in Flipkart for $16 billion on August 18.

Touted to be the first, the insurance will be in cash payout option or free pick-up, service and drop convenience to customers.

“The insurance will be available from October 10, coinciding with our ‘The Big Billion Days’ festival offer to serve customers who shop during the event,” said the statement.

In the new: This machine learning algorithm might help battle fake news

Global market intelligence firm IDC estimated that the smartphone market in India would continue to grow in double-digit in 2018, with Flipkart’s share of online phone sales at 65 per cent.

“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.

Consumer data insights and tech will enable insurance partners to underwrite better and help in improving operating efficiencies for new-age products.

According to a study, 36 per cent of mobile phone users across the country own smartphones. The worry for customers is damaging their screens or having their phone stolen.

Flipkart will now insure mobiles you buy from it from October 10

“Other than the warranties offered by manufacturers, there are no micro-insurance offerings for customers,” asserted the statement.

Bajaj Allianz Chief Executive Tapan Singhel said the partnership with Flipkart to give complete protection plan would add value to the e-tailer’s customers.A

“Customers will be able to purchase the insurance when buying the mobile phone at a nominal price starting from Rs 99. The policy will activate from the day of delivery,” added the statement.

The insurance plan, valid for a year, covers accidental, screen, liquid damage and theft.

For claims, a customer will have a choice to return the phone for fixing or opting for a cash payout that will be deposited in his/her bank account.

As the country’s largest e-commerce player, the 11-year-old Flipkart group includes Myntra, Jabon and PhonePe. It offers 80 million products in 80 categories.

In fiscal 2017-18, Flipkart recorded Gross Merchandise Value (GMV) of $7.5 billion and net sales of $4.6 billion, representing 50 per cent year-on-year growth.

With over one-lakh sellers, Flipkart offers about 80 million products across 80 categories, including smartphones, books, media, consumer electronics, furniture, fashion and lifestyle.

Also read: What is the Internet of Things and 5 other questions answered

Hello There!

If you like what you read, please support our publication by sharing it with your friends, family and colleagues. We're an ad-supported publication. So, if you're running an Adblocker, we humbly request you to whitelist us.

Share on facebook
Share on whatsapp
Share on twitter
Share on reddit
Share on linkedin
Share on pocket
Share on pinterest
Share on telegram
Share on stumbleupon
Share on digg
Share on tumblr
Share on email
Share on skype
Share on xing
Share on vk
Share on odnoklassniki
Share on mix