PhonePeannounced on Tuesday that it has sold more than one million insurance policies for two-wheelers.
- About 75% of all insurance purchases came from Tier 2 and Tier 3 cities.
- Four out of five insurance policies were purchased by users with expired covers, the company added.
The digital payment platform PhonePe announced on Tuesday that it has sold more than one million two-wheeler insurance policies since the launch of its product nine months ago.
Around 75% of all insurance purchases came from Tier 2 and Tier 3 cities, which PhonePe says shows the wide adoption of its offerings in non-metro cities and towns across India. Four out of five insurance policies were purchased by users with expired covers, the company added.
“We aim to double this early momentum to drive insurance adoption in the country in line with IRDAI recommendations. [Insurance Regulatory and Development Authority of India] vision of insurance for all by 2047, while working closely with our insurance partners to make insurance products simple, affordable and accessible to everyone,” said Prannay Batra, Head of General Insurance at PhonePe.
PhonePe launched car and bicycle insurance – in partnership with Bajaj Allianz General Insurance – in October 2021. The company allows its users to avail insurance without the need to upload documents before purchase and also to consult their police documents instantly on the application.
PhonePe users can benefit from the policy through the “My Money” section of the digital payment app available on Android and iOS. Insurance products are listed in the insurance section.
The Walmart-owned fintech startup has more than 385 million registrants, representing nearly one in four Indians. PhonePe carried out 20.7 billion UPI transactions in 2021-22 – 1 in 2 UPI transactions were carried out on PhonePe.
PhonePe is the largest UPI player in India in terms of transactions. However, it does not make money because the Indian government does not allow payment players to charge for such transactions. The company has therefore expanded its operations through different product lines such as loans, insurance, investments, among others.
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