iWorld

Fastest scale-up in insurance distribution: PhonePe sells 5 lakh policies in just 5 months

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2020/09/30/phonepe.jpg?itok=dep1WCv1

PhonePe, India’s leading digital payments platform, today announced that it has sold over 5 lakh insurance policies on its platform during the period April - August 2020. This makes PhonePe the fastest-growing insure-tech distributor in India within just 9 months of the Insurance category going live on the PhonePe app.

PhonePe forayed into the insurance segment in January this year and was the first digital payment platform to launch international travel insurance for business & leisure travellers. Since April, it has launched 5 more insurance products which include COVID-19 Insurance, Domestic Travel Insurance, Hospital Daily Cash, Dengue & Malaria Insurance, Personal Accident Cover in addition to International Travel Insurance.

The short span of time within which these products were launched is significant considering the industry usually takes a few months to develop and launch similar products. What is also noteworthy is that PhonePe has timed its products based on market needs and has also partnered with leading insurers to offer customized products for its vast registered user base exceeding 23 crores. PhonePe launched a few cost-effective insurance products for COVID-19 in April & May when the pandemic was seeing a rapid spread across the country. With the lockdown ending and domestic travel gradually starting across the country in June, the company launched a comprehensive, industry-first domestic multi-trip insurance cover at just INR 499 for all domestic trips for a year. PhonePe soon launched sachet-based insurance products in July beginning with Hospital Daily Cash to enable customers to get an assured amount if they are hospitalized due to injury or illnesses including COVID-19. Keeping the upcoming rainy season in mind which sees a huge number of cases of mosquito-borne diseases across the country, it launched Dengue & Malaria Insurance in July.

The PhonePe app has seen insurance purchases from over 15,000 pin codes covering tier-1, 2, 3 and beyond reflecting the deep penetration of its platform and tremendous customer response to its offerings. Over 70% of PhonePe’s users come from tier- 2 and 3 cities with many users buying insurance for the first time. The leading tier-2 and tier-3 cities for insurance sales on PhonePe are Visakhapatnam, Jaipur, Ahmedabad, Nashik, Vijayawada and Aurangabad. 

Commenting on the milestone, Hemant Gala, VP Financial Services & Payments, PhonePe said, “We are delighted to have achieved the 5 lakh insurance policies sold milestone on PhonePe within a short span of 5 months. This is by far the fastest scale-up seen in the insurtech industry. We are thankful to our partners who have worked closely with us to innovate and co-create affordable products for our customers to cater to their specific needs. Customers continue to repose their trust in PhonePe as they find buying insurance on our platform affordable, simple to understand and easy. This is in line with our goal to be a one-stop destination for all insurance needs of our customers. We are in talks with multiple insurers and have many new products in the pipeline which will be launched in the coming months.”

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/28/shemaroo.jpg?itok=61q1JCAT
Shemaroo TV and Shemaroo MarathiBana channels to be now available to Vi Movies & TV subscribers

MUMBAI: Shemaroo TV and Shemaroo MarathiBana, broadcast channels from the house of Shemaroo Entertainment have already become household names and are loved for their respective genres in General Hindi Entertainment and Marathi Movie category. To diversify the content offering the channel has inked...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/29/pp.jpg?itok=zUeLdPLC
Showt empowers the common person to voice their opinion: Anshuman Misra

NEW DELHI: Showt, an instant global voting platform scheduled to have its global launch in Q1 2021, recently roped in Anshuman Misra as the president. He will be playing an instrumental role in scaling the platform and his vision is to reach everyone with a mobile phone in India, followed by the...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/28/vikram.jpg?itok=N6ORJbRK
Mzaalo launches AVOD platform

New Delhi: Mzaalo, a blockchain-based video streaming application today announced the launch of its AVOD platform. The gamified video ecosystem is designed to reward consumers for viewing content on the platform. Mzaalo's system is secured by blockchain, trusted infrastructure for content and...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/28/ashish.jpg?itok=A5ST-DO4
Netflix’s Aashish Singh joins Lyca Productions

KOLKATA: Netflix India original film director Aashish Singh has called it quits. Singh has moved on to join Lyca Productions as CEO. Lyca Productions, one of the big names in the South Indian film industry, is looking to move into the Hindi movie space. Singh with his vast experience across brands...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/27/ankhi-das.jpg?itok=Rg3JKpsk
Facebook India's head of public policy Ankhi Das steps down

NEW DELHI: Facebook India’s head of public policy Ankhi Das has moved on from her current role. She was with the organisation for over nine years and was a core team member.

iWorld Social Media
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/27/airtle_0.jpg?itok=c4s9Jmnc
Bharti Airtel revenues jump 22 per cent in Q2

NEW DELHI: Telecom operator Bharti Airtel announced its highest ever consolidated quarterly revenue, reporting a 22 per cent jump driven by higher tariffs and a rise in data usage from a Covid2019-fuelled shift to remote working.  India revenues for the quarter ended 30 September was at Rs 18,747...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/27/ira.jpg?itok=KL_USAuK
Iravati Damle joins Zoom to lead public policy in India

MUMBAI: Zoom has hired Iravati Damle as head of public policy in India. In her new role, she will lead policy strategy, government affairs and advocacy for India. Damle will be reporting to Jonathan Kallmer, head of global public policy and government relations at Zoom. She will be based out of...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/26/idma.jpg?itok=s3JtL-fI
Digital media outlets launch self-regulatory body IDMA

MUMBAI: Digital media news outlets have launched a self-regulatory body, Indian Digital Media Association (IDMA) - a pro-nation, Indian-owned, Indian-edited and Indian-controlled digital news association. In a first, digital platforms have come together and formed an association that is aimed to...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/24/par.jpg?itok=pVTu3lbO
Parliament panel issues summons to Google, Paytm on data privacy

MUMBAI: Google and Paytm have been directed to appear before a joint parliamentary committee on 29 October on the issue of data protection and privacy. Social media platforms Facebook and Twitter have also been called in to provide oral evidence. Meanwhile, e-commerce giant Amazon has refused to...

iWorld Over The Top Services

Sign up for our Newsletter

subscribe for latest stories

* indicates required