PhonePe on Tuesday announced that it has sold over a million two-wheeler insurance policies.- About 75% of the overall insurance purchases came from Tier 2 and Tier 3 cities.
- Four in five insurance policies were bought by users with expired covers, the company added.
About 75% of the overall insurance purchases came from Tier 2 and Tier 3 cities, which according to PhonePe showcases the wide adoption of its offerings in non-metros cities and towns across India. Four in five insurance policies were bought by users with expired covers, the company added.
“We aim to double down on this early momentum to drive insurance adoption in the country in line with the IRDAI’s [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 all,” Prannay Batra, head of general insurance at PhonePe, said.
PhonePe launched car and bike insurance — in partnership with Bajaj Allianz General Insurance — in October 2021. The company allows its users to avail insurance without the need for any documents to be uploaded before the purchase and also view their policy documents instantly on the app.
PhonePe users can avail the policy through the ‘My Money’ section of the digital payments app available on Android and iOS. The insurance products are listed under the insurance section.
The Walmart-owned fintech startup has over 385 million registered — representing nearly one in four Indians. PhonePe carried out 20.7 billion UPI transactions in 2021-22 – every 1 out of 2 UPI transactions were carried out on PhonePe.
PhonePe is the biggest UPI player in India in terms of transactions. However, it is not earning any money on it as the government of India does not allow payments players to charge on such transactions. The company has, therefore, been expanding its operations through different product lines such as loans, insurance, investments, among other things.
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