Walmart-owned digital payments company PhonePe said it has sold more than 1 million two-wheeler insurance policies on its insurance brokerage platform since the product launched. The company also said more than 75% of all insurance purchases came from Tier 2 and Tier 3 cities, showing wide adoption of its offerings in non-metro cities and towns. The company said this milestone is a key marker in PhonePe’s vision to make insurance products accessible to everyone. PhonePe aims to help reduce the number of uninsured vehicles on the road with a wide selection of policy types, affordable prices and a 2 minute paperless process.
“It is gratifying to note that over 75% of purchases come from Tier 2 and 3 cities, which is a testament to the fact that the adoption of our products in India has been truly inclusive,” said Prannay Batra, Head of General Insurance, TelephonePe. “We aim to double this early momentum to drive insurance adoption in the country in line with the IRDAI (Insurance Regulatory and Development Authority of India) vision of insurance for all by 2047 while working working closely with our insurance partners to make insurance products simple, affordable and accessible to everyone.
The company said that apart from its 2-wheeler insurance, customers can get hassle-free renewals and instant issuance even for expired policies without any inspection. The company said its innovative features, along with an intuitive onboarding and shopping experience, are driving the adoption of insurance products on PhonePe across India.
The company further added that more than 80% of 2-wheeler insurance has been purchased by users whose covers have expired. This indicates that these offerings on the PhonePe platform serve previously underserved segments that lacked sufficient awareness and a convenient way to renew their insurance. For two-wheeler insurance, PhonePe users choose comprehensive plans that cover both damage to third-party vehicles and damage to personal vehicles. PhonePe attributed this to efforts the company has made to increase customer awareness, affordability and availability of these insurance products on its digital platform.