Thursday, January 18, 2024

PhonePe Drives Over 65% Growth For Two-Wheeler Digital Insurance In India

-       PhonePe has so far sold over 9 million Insurance policies overall

-       The company has also introduced a unique monthly premium plan for health insurance

PhonePe today announced that it has contributed to over 65% growth for two-wheeler digital Insurance in India, over the last 2 years. In a shift indicative of the evolution of the Indian insurance industry and growing consumer trust, there has been a notable surge in the adoption of digital channels for purchasing insurance. The company has also facilitated over 75 million vehicle insurance quotes and 400 million quotes across insurance products.

PhonePe started offering Insurance on its platform in September 2021, and since then has sold over 9 million overall policies, with over 4 million being sold in the last year alone. The digital insurance market is growing at a CAGR of 24%, with a large part of this growth coming from PhonePe.

Having disrupted the market with motor insurance products, PhonePe recently introduced a unique monthly premium plan for health insurance – a first-of-its-kind initiative in the industry. This move is driven by two critical insights; The convenience of monthly payments, extending beyond credit card/EMI users to encompass everyone. This departure from lump-sum payments involves actual monthly payouts, thereby easing the financial burden for our users. It also empowers our users to opt for more extensive insurance coverage, due to enhanced affordability, without compromising on savings. Also, the transparency in selecting the appropriate coverage is reflected in the Average Transaction Size (ATS) with an increasing number of users opting for comprehensive protection.

Commenting on the milestone Vishal Gupta, CEO of PhonePe Insurance said,’ PhonePe’s innovative approach and customer-centric solutions have played a pivotal role in reshaping the landscape of the digital insurance space. True to its ethos of positive disruption, PhonePe is revolutionizing the insurance buying experience in India. Our monthly premium plan for health insurance is another step in our commitment to providing innovative, customer-friendly solutions that truly address the needs of the modern Indian consumer. What sets PhonePe apart is its strategic partnerships with industry leaders, bringing deep expertise to co-create tailor-made offerings for its expanding customer base. These partnerships not only reflect the industry's trust in PhonePe but also underline the efforts it has made in enhancing and simplifying customer journeys.’’

About PhonePe Group:

PhonePe is India’s leading digital payments company with 51 crore (510 Million) registered users and 3.8 crore (38 Million) merchants covering over 99% of the postal codes across India. On the back of its leadership in digital payments, PhonePe has expanded into financial services (Insurance, Digital Gold, Mutual Funds, Stock Broking, and Lending) as well as adjacent tech-enabled businesses such as Pincode for hyperlocal shopping and Indus App Store which is India's first localized App Store. The PhonePe Group is a portfolio of businesses aligned with the company's vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

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