By: Luke Jones, Published on January 5, 2018 10:23 AM, Last Update on January 30, 2018 07:24 AM
Amazon has been rumoured to be entering the insurance market for some time. The online retailer and tech company has already prepared staff to enter a European insurance business. It now appears the company is making more moves towards the insurance industry.
Reports from India suggest Amazon is going to announce an investment in Acko General Insurance in the near future. The Time of India says the company will put cash into the online-only insurance provider, which is an Indian start-up. Amazon will pour Rs 100 crore (around C$19.6 million) into funding Acko General.
“They were engaged with both Amazon and Flipkart for the past few months for an investment. But with Amazon putting in a term sheet, the deal is likely to close soon with them,” a source was quoted as telling the publication.
Amazon will be able to use Acko General Insurance to sell its own financial products online in India. Sure, this is happening on another continent, but it shows Amazon has serious ambitions in the insurance sector.