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

Amazon Pay India is accelerating its push into the broader financial services landscape by planning the expansion of its insurance product offerings to include travel insurance and other solutions. The announcement comes immediately following the launch of its health insurance product, distributed in partnership with Indian non-life insurer HDFC ERGO. Amazon Pay operates as a registered corporate agent, which allows the platform to distribute various insurance policies across India. According to Amazon Pay India CEO Vikas Bansal, the strategic move aims to transform Amazon Pay from a basic digital payments application into an integrated financial hub offering credit, insurance, savings, and investment products. The company sees considerable opportunity in health and general insurance, where domestic penetration remains low despite rising healthcare expenditures. India's general insurance sector is projected to expand at a 10% compound annual growth rate, increasing from $43.4 billion in 2026 to over $62 billion by 2030 in terms of gross written premiums. The expansion complements Amazon's previous fintech investments in India, including its stake in digital insurer Acko and its full acquisition of non-bank lender Axio.