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<ul><li>Flipkart partners with Aegon Life Insurance to offer paperless and quick-access life insurance policy.</li><li>Sum assured starting from Rs 1 lakh to Rs 10 lakhs, with premiums starting from Rs 129 for Rs 1 lakh. Higher sum assured to be launched soon.</li><li>No-medical-test, no-paperwork and instant digital policy are the key tenets of the offering.</li></ul>Flipkart and Aegon Life Insurance have joined hands to sell comprehensive insurance solutions to its customers. An instant digital policy with a sum assured of up to 10 lakhs, will be available to consumers from March 2020. With instant life insurance cover through a digital policy as its core value proposition, such policies do not require medical tests or paperwork making it completely hassle free. Life insurance has the second highest penetration amongst all types of insurance available in the country. One of the major problems that the insurance industry faces today is the notion that it is expensive and cumbersome to buy, followed by issues around long and rigid tenures and mis-selling. With this product, Flipkart and Aegon Life aim to solve for these issues and make life insurance available to customers at the click of a button in a convenient and transparent manner. The Life Insurance policies on Flipkart have varied offerings, with sums assured ranging from Rs 1 lakh to Rs 10 lakhs and premiums starting from Rs. 129 for Rs. 1 lakh sum insured. The policies will be available to the existing customers of Flipkart between the ages of 18 and 65. With this offering, Flipkart aims to make life insurance more accessible to Indians living in metro and non-metro cities, servicing India and Bharat alike. Bringing together its technology and partnership prowess on the platform, this product will offer a more seamless procedure, lower premiums, and a flexible tenure for consumers. Through this product, Flipkart aims to solve key customer pain points in the sector, including trust, transparency and reliability. Ranjith Boyanapalli, Head - Fintech and Payments Group at Flipkart, said, “As a homegrown company, Flipkart’s core has always been building products for Indian consumer needs. We are committed to developing solutions that will help bridge the gap between India and Bharat, and we are confident that the easy-access insurance policy will be one of the catalysts to power this transition. With this product, we want to make innovative and trustworthy financial products available at the customer’s fingertips and provide them a hassle-free experience. To achieve this goal, we look forward to a fruitful partnership with Aegon Life, who have a similar strategic mindset of customer-first values coupled with being one of the few online-focused innovation companies, making them the best fit for this partnership.” Speaking on the partnership, Satishwar Balakrishnan, CFO &amp; Principal Officer, Aegon Life Insurance, said, “We are one of the first insurers to sell through digital platforms and Flipkart is synonymous with one-stop-shop and has a huge customer base in India. We saw great synergies in our partnership and are extremely delighted to join hands with Flipkart to sell our products. This is one of our biggest strategic associations till date and it is in line with our strategy of selling insurance direct-to-customer (D2C). We will offer customized products at special prices, instant issuance and top-notch service through the platform.” He further added, "We at Aegon Life Insurance strive to look out for ways to reach out to the always-online customer. With more and more Indians getting used to purchasing online, selling insurance services has a huge scope and an ecommerce platform such as Flipkart has a unique appeal with customers. This partnership will help us expand the reach for our term insurance solutions Pan India.” Aegon Life and Flipkart’s complementary capabilities of being wholly data driven digital companies and prioritizing customer needs makes this win-win partnership for both parties and customers as well.

You can now buy life insurance on Flipkart

<ul><li>The seed round was led by global funds like Global Founders Capital (GFC), White Venture Capital, Peer Capital and others. </li><li>The company also saw participation from angel investors like CRED founder <keyword id="192201" type="General" weightage="80" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword>, <keyword id="6354742" type="General" weightage="100" keywordseo="flipkart" source="Orion">Flipkart</keyword>’s ex co-founder Binny Bansal, and others. </li><li>Flash will use the funding toward product development, hiring, and global expansion.</li></ul>E-commerce startup Flash on Wednesday said it raised $5.8 million in a seed round led by Global Founders Capital (GFC), White Venture Capital, Soma Capital, Emphasis Ventures, Zinal Growth and Peer Capital. It also saw participation from angel investors like Flipkart’s ex co-founder Binny Bansal; CRED founder Kunal Shah; Arpan Sheth, senior partner, Bain &amp; co; Sujeet Kumar co-founder, Udaan; Nikhil Srivastava - PAG Venture; Lalit Keshre, CEO, Groww; and Rishi Vasudev, Co-Founder, GOAT Brand Labs, among others. Founded by former Flipkart senior vice president Ranjith Boyanapalli, Flash is an <keyword id="6357762" type="General" weightage="20" keywordseo="online-shopping" source="Orion">online shopping</keyword> platform that aims to enhance the customer’s shopping experience, specifically for ‘power shoppers’. Flash aims to cater to the top 25 million power shoppers, who contribute to nearly 70% of the online shopping revenue and are estimated to further grow to 65 million by 2030, it said in a press release. "Power shoppers are an important consumer segment and their challenges are bound to magnify with increasing e-commerce penetration in India and globally," shared Roel Janssen, partner, Global Founders Capital. The company said that Flash will enable an end-to-end ecosystem that empowers consumers to be in control of their shopping and communication, unlock personalized experiences, and tackle the issues of cluttered promotional email content. “Our AI/ML-led platform will be backed by best-in-class encryption to protect privacy and give control back to the consumer. We are aiming to onboard two million users in our first year,” said Boyanapalli, who is also the CEO of Flash. The funding will be used toward product development, hiring, and global expansion, said the company. Since the pandemic, online retail sales have continued to rise. In 2022, the Indian e-commerce industry achieved $5.7 billion of online retail sales during the first week of festive sales, i.e 22 -30 September – which is a 27% year-on-year growth (for the first week of sales), according to <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-group-leads-e-commerce-festive-sales-meesho-is-second-largest-contributor-in-order-volume-redseer/articleshow/94701015.cms">Redseer’s E-commerce Festive Season ‘22 report</a>. Furthermore, as per <a href="https://www.businessinsider.in/business/ecommerce/online-sales-expected-to-boom-as-more-customers-shop-online-post-pandemic/articleshow/95014390.cms">industry estimates</a>, post the pandemic 78% of consumers preferred shopping online via electronic commerce platforms. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/corporate-demand-boosts-hotel-demand-in-q3-jll/articleshow/95883698.cms">Corporate demand boosts hotel demand in Q3: JLL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/samsung-india-will-hire-1000-engineers-from-top-institutes-for-rd-units/articleshow/95882077.cms">Samsung India will hire 1,000 engineers from top institutes for R&amp;D units</a>

Former Flipkart SVP's online shopping platform Flash raises $5.8 million in seed round

Keeping the upcoming festive season and growing online frauds in mind, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> on Tuesday announced a partnership with <keyword id="72592" type="CITY" weightage="20" keywordseo="Bajaj-Allianz">Bajaj Allianz</keyword> General Insurance Company to offer ‘Digital Suraksha Group Insurance for customers in the country. The "Digital Suraksha Group Insurance" policy will cover financial losses caused by various kinds of online frauds and cyber attacks that might occur during digital transactions. The customers can choose for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000, Rs 312 for Rs 1 lakh, and Rs 561 for Rs 2 lakh for a 12-months tenure, with covers also extending up to Rs 10 lakh. "As the festive season nears, we want to ensure that the customers' online shopping experience, across any digital medium, is devoid of stress and apprehensions," said Ranjith Boyanapalli, Head, Fintech and Payments Group, Flipkart. The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart. The insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber attacks, phishing/spoofing and SIM-jacking. The policy covers online transactions for debit cards, credit card, digital wallets, UPI/Internet banking (All bank accounts, credit and debit cards and mobile wallets), the company said in a statement. "With this Digital Suraksha Group Insurance introduced on Flipkart's platform, at less than 50 paise per day, you can protect yourself against the financial risk of getting defrauded online," said Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance. The claim is admissible if a loss of funds is reported within 90 days of the occurrence and multiple claims/incidents are covered up to the sum insured. The policy offers worldwide cover and offers protection while travelling international. "During this Covid-19 era, as you shop online, this insurance will provide coverage against various cyber threats, thus making your online experience worry-free," Singhel said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/google-doodle-celebrates-zohra-sehgal-everyones-favourite-dadi-an-indian-royal-and-doctor-who-star/articleshow/78377815.cms">Google Doodle celebrates Zohra Sehgal — Everyone's favourite dadi, an Indian royal and Doctor Who star</a> <a href="https://www.businessinsider.in/business/startups/news/super30-alumni-founded-startup-wants-to-take-forward-the-legacy-of-his-alma-mater/articleshow/78377011.cms">Super30 alumni founded startup wants to take forward the legacy of his alma mater</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-central-bank-of-india-dhfl-anuh-pharma-shalby-balaji-telefilms-and-others/articleshow/78376167.cms">Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others</a>

Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has partnered with <keyword id="276785" type="COMPANY" weightage="20" keywordseo="Aegon-Life-Insurance">Aegon Life Insurance</keyword> to offer life insurance to its users. </li><li>It has premiums starting at ₹129 for ₹1 lakh sum insured. </li><li>Interestingly, the development comes at a time when Flipkart’s founder and former CEO – <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> too is toying with the financial services space.</li></ul>Indian e-commerce giant Flipkart is now set to offer digital life insurance to its users. The retail platform has partnered with Aegon Life Insurance to offer the services. This marks Flipkart’s foray into financial services. It has marked various options for life insurance policies – with sum assured ranging from ₹1 lakh to ₹10 lakhs and premiums starting from ₹129 for ₹1 lakh sum insured. The policies will be available to Flipkart’s existing customers between the ages of 18 and 65. “We are committed to developing solutions that will help bridge the gap between India and Bharat, and we are confident that the easy-access insurance policy will be one of the catalysts to power this transition,” said Ranjith Boyanapalli, head - fintech and payments group at Flipkart. Interestingly, the development comes at a time when Flipkart’s founder and former CEO – Sachin Bansal too is showing interest in the insurance space. <a href="https://economictimes.indiatimes.com/industry/banking/finance/insure/cover-story-sachin-bansal-buys-dhfl-gen-insurance/articleshow/73180954.cms?from=mdr">Bansal’s Navi Technologies</a> acquired DHFL General Insurance for ₹100 crore. Meanwhile, Flipkart aims to reach out to India’s next 200 million customers with the digital insurance wave. “This is one of our biggest strategic associations till date and it is in line with our strategy of selling insurance direct-to-customer (D2C). We will offer customized products at special prices, instant issuance and top-notch service through the platform,” said Satishwar Balakrishnan, CFO and principal officer, Aegon Life Insurance. See Also: <a href="https://www.businessinsider.in/business/startups/news/coronavirus-pandemic-heres-what-flipkart-zomato-swiggy-ola-uber-are-doing-for-delivery-agents-and-cabbies-who-cant-work-from-home/articleshow/74589898.cms">Coronavirus pandemic: Here’s what Flipkart, Zomato, Swiggy, Ola, Uber are doing for delivery agents and cabbies, who can’t work from home</a>

Sachin Bansal now competes with the company he founded – Flipkart in insurance space

New Delhi, Jan 6 () Walmart-owned Flipkart on Monday announced the launch of Visa Safe Click (VSC) - powered by Visa - that will eliminate the need for one time passwords (OTP) for transactions up to Rs 2,000.
VSC will enable the e-commerce platform to deploy India's first in-app device-based network authentication solution, a statement said.
"This solution will eliminate the need for OTP for transactions up to Rs 2,000, while also ensuring a completely secure payment experience," it added.
Flipkart said by enabling consumers to enjoy a hassle-free and safe payment process for transactions up to Rs 2,000, it hopes to reduce the steps in the payment system.
This will also help consumers complete their purchase journey with ease, primarily in regions where internet connectivity and e-literacy are scarce, it added.
"OTP-based authentication is one of the biggest points of friction in online card transactions, wherein we have observed significant customer drop-offs...VSC is the outcome of one such effort and completely replaces OTP with a background authentication, removing the need for any additional customer action," Flipkart Head - Fintech and Payments Group Ranjith Boyanapalli said.
Through this initiative, Flipkart is expecting that more consumers can make small-ticket purchases more easily and complete their purchase journey in a click, he added. SR SR BAL
BAL

Flipkart to offer frictionless checkout for Visa card holders

New Delhi, Apr 10 () ICICI Lombard, Go Digit General Insurance and Flipkart on Friday said they have joined hands to will offer health policies related to Covid-19. The covers include easy claim, hospitalisation cover, room or intensive care unit (ICU) rent, ambulance assistance and teleconsultation. Besides, there will be digital claim process as well as no requirement of medical tests at the time of purchasing a policy. The two health insurance policies will enable health cover for consumers combating the global pandemic, the companies said in a joint statement. Industry estimates suggest that about 56 per cent of the Indian population is not covered under any health insurance policy. Understanding this need of the hour, Flipkart's partnership with ICICI Lombard and Go Digit General Insurance offers users health insurance policies that give a range of benefits, it said. The 'Covid-19 Protection Cover' by ICICI Lombard provides an instant Rs 25,000 benefit plan paid to the customer on positive diagnosis of the disease. It is priced at an annual premium of Rs 159. The policy also provides health assistance benefit, virtual and teleconsultation benefit besides ambulance assistance. "To ensure peace of mind, it allows Flipkart's customers to submit digital copies of the claim document to the insurer for processing, in lieu of hard copies," it added. The 'Digit Illness Group Insurance' offered by Go Digit allows consumers to avail a hospitalisation cover up to a sum assured of Rs1 lakh with an annual premium of Rs 511." The policy cover has no limit on room rent or ICU for Covid-19 cases. The policy covers 30 day pre and 60 days post hospitalisation fee. Ranjith Boyanapalli, Head - Fintech and Payments Group, Flipkart, said, "It is a testing time for Indian consumers as we come together in the fight against Covid-19. Healthcare needs and benefits during this period further become essential needs as preventive measures take centre stage." The policies offered by ICICI Lombard and Go Digit are available on the Flipkart platform. KPM ANSANS

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You can now buy life insurance on Flipkart

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Former Flipkart SVP's online shopping platform Flash raises $5.8 million in seed round

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Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

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Sachin Bansal now competes with the company he founded – Flipkart in insurance space

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Flipkart to offer frictionless checkout for Visa card holders

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ICICI Lombard, Go Digit, Flipkart join hands to offer Covid-19 health insurance

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