Flipkart-owned digital payment platform PhonePe has sold over 1 million two-wheeler insurance policies since the launch of the product in October 2020. PhonePe offers instant insurance for two-wheelers and free renewals even for expired policies without any inspection. More than three-fourths of the company’s insurance policy sales came from tier II and tier III cities, showcasing wide adoption of its offerings in non-metros cities and towns, PhonePe said in a statement.
The company added that it aimed at helping in reducing the number of uninsured vehicles on road with a wide selection of policy types, affordable prices and a paperless 2-minute instant process.
Commenting on the milestone, Prannay Batra, Head of General Insurance, PhonePe said “It is gratifying to note that more than 75% of the purchases come from tier 2 and 3 cities which is a testament to the fact that our product adoption in India has been truly inclusive.”
He added that PhonePe was focused on doubling down the early momentum to accelerate insurance adoption in the country working towards the IRDAI’s vision of insurance for all by 2047.
Of the total insurance two-wheeler policies sold on the platform, over 80 per cent were bought by users with expired covers, indicating that the PhonePe platform is serving previously underserved segments, who did not have enough awareness and a convenient avenue to renew their insurance.
Customers preferred comprehensive plans -which cover both third-party vehicle damages and own vehicle damages- on the digital platform.
PhonePe believed that the number of sales was a testimony to the success of the company’s effort in increasing customer awareness, affordability and availability of such insurance products on its digital platform.
PhonePe introduced two-wheeler and car insurance plans in partnership with Bajaj Allianz General Insurance in October 2020.
The policies can be directly bought from the platform’s Motor Insurance page under Insurance-> MyMoney. PhonePe claims that buyers can get instant claim settlement in under 20 minutes.
With a user base of over 385 million, Phone today is one the biggest digital payment platforms in the country. In addition to offering digital wallets and UPI payments, PhonePe also offers mutual funds tax-saving funds, liquid funds, international travel insurance and several health plans.
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