Amazon Pay plans to expand insurance offerings in broader financial services push in India

MUMBAI: Amazon Pay India is considering expanding its insurance offerings to include travel insurance and other products, CEO Vikas Bansal said on Friday, a day after the payments platform launched health insurance.

The expansion plans are part of Amazon Pay’s strategy to evolve from a payments platform to a broader financial-services business spanning payments, credit, insurance and savings and investment products, Vikas Bansal told Reuters in an interview.

“Obviously travel…there could be others in the future as well,” the CEO said when asked about other insurance products the payments platform could offer in the future.

Amazon Pay operates as a registered corporate agent for insurance, allowing it to distribute insurance products from licenced insurers.

The company has distributed vehicle insurance and expanded into health insurance in partnership with Indian non-life insurer HDFC ERGO, broadening its insurance distribution business.

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“Health is our next frontier,” Bansal said, adding that health insurance was an important area for expansion as medical care costs have risen and a relatively small proportion of Indians have personal health insurance.

India’s non-life or general insurance industry is projected to grow at a robust compound annual growth rate of 10%, rising from $43.4 billion in 2026 to over $62 billion by 2030, in terms of gross written premium, according to GlobalData.

Amazon is a minority shareholder in Indian insurance firm Acko, which is among the insurers available through Amazon Pay.

Bansal said Amazon remains open to investments in the insurance sector.

Last year, Amazon acquired Bengaluru-based non-bank lender Axio for an undisclosed amount, giving it access to a direct lending business in India.