Amazon Pay India is considering adding travel insurance to its expanding range of insurance products, as the payments platform moves deeper into financial services.
Chief Executive Vikas Bansal said travel insurance was among the products the company could offer in the future, following its expansion into health insurance.
Amazon Pay operates as a registered corporate agent for insurance in India, allowing it to distribute policies provided by licensed insurers. It already offers motor insurance and has now expanded into health insurance through a partnership with Indian non-life insurer HDFC ERGO.
The move could further broaden the role of large digital platforms in insurance distribution in India, giving insurers access to consumers through established payment ecosystems.
Bansal said rising medical costs and relatively low levels of individual health insurance coverage in India presented an opportunity for further growth in the health segment.
Amazon Pay’s insurance plans form part of a wider strategy to develop the business beyond payments, spanning credit, insurance, savings and investment products.
Amazon is also a minority shareholder in Indian digital insurer Acko, whose insurance products are available through Amazon Pay. Bansal said the company remained open to further investments in the insurance sector.
India’s general insurance market is forecast to grow significantly over the remainder of the decade. Gross written premiums are projected to increase from US$43.4 billion in 2026 to more than US$62 billion by 2030, representing a compound annual growth rate of around 10%, according to GlobalData.
Expansion into travel insurance would add another product category to Amazon Pay’s developing insurance distribution business and could increase competition for digital insurance sales in one of Asia’s largest consumer markets.
Elsewhere, the country has expanded its e-Visa network to 88 international entry points, potentially making it easier for overseas visitors to reach destinations beyond the country’s main gateways.
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