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Amazon Begins Selling InsuranceAmazon Begins Selling Insurance

The move marks a major entry into financial services.

Samuel Steinberger, Senior Technology Editor

July 24, 2020

1 Min Read
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Amazon is now selling insurance, marking a major foray into financial services. But the move comes with two big caveats: The insurance it is selling is in India—and the insurance offered is auto insurance, according to TechCrunch.

To make the deal happen, Amazon signed a deal with Mumbai-based Acko General Insurance to offer auto and motorbike insurance. The e-commerce giant also holds an ownership stake in Acko.

Amazon eventually plans to offer health, flight and cab insurance, said Mahendra Nerurkar, chief executive and director of Amazon Pay in India. Customers can buy the insurance through Amazon Pay in less than two minutes. It is entirely digital. Amazon Prime customers get additional benefits and discounts, but they were not listed.

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About the Author

Samuel Steinberger

Senior Technology Editor, WealthManagement.com

Samuel Steinberger is Senior Technology Editor for Informa Connect’s WealthManagement.com. In his role, Mr. Steinberger provides the publication’s wealth and financial technology coverage. 

Mr. Steinberger’s editorial insight and familiarity with technology accelerates Informa’s growth within the financial advisor and wealth management communities, providing in-depth news for advisors and financial professionals. 

Before joining Informa Connect, Mr. Steinberger produced documentaries with former CNN anchor Soledad O’Brien at Soledad O’Brien Productions (formerly Starfish Media Group). He specialized in research, shooting and editing, as well as finding distinct voices to explain topics like mental health, poverty and racial divide. 

Prior to joining Soledad O’Brien Productions, Mr. Steinberger managed multi-departmental technology projects for global legal technology leader Transperfect Legal Solutions. After obtaining his graduate degree in journalism from Columbia University, he completed his transition from technology management to media. 

Mr. Steinberger is an award-winning journalist, author and researcher who has written, edited and reported for a number of publications, including The New York Times, Financial PlanningAmerican Banker and PBS. He is founder of beverages publication Give Me Weird Drinks

Mr. Steinberger’s technology analysis and insight has been featured in several books on virtual and augmented reality. Mr. Steinberger has received awards and recognition for his reporting and research, including the American Business Media's prestigious Jesse H. Neal Award for editorial excellence.

Follow on Twitter: @slsteinberger