The sale of the PhonePe insurance policy for two wheels crosses the million mark since its launch

Digital payment platform PhonePe, owned by Flipkart, has sold over 1 million two-wheeler insurance policies since the product launched in October 2020. PhonePe offers instant two-wheeler insurance and free renewals even for expired policies without any inspection. More than three-quarters of the company’s insurance policy sales came from Tier II and Tier III cities, demonstrating wide adoption of its offerings in non-metro cities and towns, PhonePe said in a statement.

The company added that it aims to help reduce the number of uninsured vehicles on the road with a wide selection of policy types, affordable prices and an instant 2-minute paperless process.

Commenting on this milestone, Prannay Batra, General Assurance Manager, PhonePe said: of our products in India has been really inclusive.

He added that PhonePe is focused on doubling the initial momentum to accelerate insurance adoption in the country by working towards IRDAI’s vision of insurance for all by 2047.

Of all two-wheeler insurance policies sold on the platform, over 80% were purchased by users whose covers have expired, indicating that the PhonePe platform serves previously underserved segments. , who lacked sufficient knowledge and a convenient way to renew their insurance. .

Customers preferred comprehensive plans – which cover both third-party vehicle damage and personal vehicle damage – on the digital platform.

PhonePe believed the number of sales reflected the success of the company’s efforts to increase customer awareness, affordability and availability of these insurance products on its digital platform.

PhonePe introduced two-wheeler and car insurance plans in partnership with Bajaj Allianz General Insurance in October 2020.

Policies can be purchased directly from the Car Insurance page of the platform under Insurance->MyMoney. PhonePe claims buyers can get instant claims resolution in less than 20 minutes.

With a user base of over 385 million, Phone is now one of the largest digital payment platforms in the country. In addition to offering digital wallets and UPI payments, PhonePe also offers mutual funds, tax savings funds, cash funds, international travel insurance, and multiple health plans.

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Justin D. O'Neill