Amazon is breaking into the insurance business. In India, the company is now offering auto insurance through Amazon Pay and the private firm Acko General Insurance. The insurance will cover cars and motorbikes, and Prime members will get extra benefits, including exclusive discounts.
Amazon says customers will be able to purchase insurance in less than two minutes and with no paperwork. It’s offering other incentives like paperwork-free claims, one-hour pick-up and three-day claim servicing. Everything can be paid for through Amazon Pay, and policy documents will be sent to the Your Orders page.
The exclusive discounts for Prime members is another way for Amazon to make the yearly subscription more appealing. Recently, Amazon began offering “free” live TV to Prime members in Germany, and last year, it stopped charging Prime members the $14.99 monthly fee for Amazon Fresh deliveries.
While the insurance is only available in India at the moment, this is something that could come to other markets. Amazon Pay is popular in India, and the service will likely grow in other countries as Amazon extends its reach via things like cashier-less supermarkets.