Ozon, Wildberries planning to establish, develop respective insurance lines of business in 2024 - media

MOSCOW. March 26 (Interfax) - The large marketplaces Ozon and Wildberries intend to develop their respective insurance lines of business in 2024, the Kommersant publication said.

Ozon plans to launch its own insurance line of business in the second half of the year and Wildberries is considering the possibility of entering the market. Analysts believe that this should boost profits from financial services. In their opinion, buying a licensed insurance company could be more profitable than establishing one from scratch. Partnerships with existing companies using the White Label model would be efficient in a number of instances.

Kommersant said that Ozon intends to launch an insurance line of business, with plans to attract more than 20 specialists at the first stage and to launch the first insurance products in the second half of 2024, and Denis Gavrilov, former head of Rosbank Insurance, would lead the team. Wildberries said that it is also considering the possibility of launching insurance products in the fintech area, though has not disclosed any details.