Bengaluru, October 7, 2018: Flipkart, India's largest e-commerce marketplace, is foraying into insurance after securing a corporate agent license. To start with, Flipkart will offer customised insurance solutions to power its Complete Mobile Protection (CMP) program for all leading mobile brands being sold on its platform in partnership with Bajaj Allianz General Insurance. This program will offer either a cash payout option or free pick up, service and drop convenience to customers.

The insurance will be available from October 10th, the start of Flipkart's The Big Billion Days (TBBD). According to IDC, the smartphone market in India will continue double-digit growth in 2018, and Flipkart's share of online phone sales is currently about 65%. Estimates suggest about 36% of mobile phone users in India own smartphones.

Ravi Garikipati, Sr. VP and head of Fintech, Flipkart, commented that insurance felt like the logical next step in providing consumers with excellent after-sales care for their phones, and the plan, from purchase to claim, will be completely integrated into their online platform.

How Complete Mobile Protection (CMP) Works

CMP intends to instill post-purchase assurance in the minds of customers, addressing a huge barrier for getting offline customers to buy mobiles online.

Coverage: The insurance is valid for an year, covering accidental, screen, and liquid damage along with theft. The biggest worry for customers is damaging their screens or having their phone stolen, both of which are prevalent.

Purchase: Customers can purchase the insurance-powered CMP plan at the same time as they buy the mobile phone, at a nominal price point starting from Rs. 99.

Policy Activation: The policy will be activated from the day of delivery.

Claims: Claims are simplified: the customer will reach out to Flipkart via the app, email, or phone call and will have a choice between returning the phone for fixing or opting for a cash payout which will then be deposited in their Flipkart-registered bank account or any other customer-owned account.

About Flipkart

Flipkart is India's largest e-commerce marketplace with a registered customer base of over 100 million. It offers over 80 million products across 80+ categories. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns.

About Bajaj Allianz General Insurance

Bajaj Allianz General Insurance is one of the leading private general insurance companies in India. It is a joint venture between Allianz SE and Bajaj Finserv Limited. The company offers a variety of general insurance products and has been operating since 2001.

For more information: Sheetal Singh: sheetal.s@flipkart.com Nikhil Bhardwaj: nikhil.bharadwaj@bajajallianz.co.in