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/2020/10/22/paul.jpg?itok=3i-HPdL5
Synamedia appoints Paul Segre as CEO to spearhead next growth phase

MUMBAI: Video software provider Synamedia has brought in Paul Segre as CEO, with immediate effect. Segre takes over from departing CEO Yves Padrines, who has overseen the company since its inception in 2018.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/22/watcho.jpg?itok=3pUPViZI
Watcho launches interactive Quiz contest ‘Watcho Aur Jeeto’ for its subscribers

Committed to delivering an innovative and engaging content experience to its users, Watcho, Dish TV India’s OTT platform has announced the launch of ‘Watcho Aur Jeeto‘- an engaging quiz contest. The contest will be running daily with additional bonanza offers on weekends. Each quiz will have a...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/22/zee5_800_new_1.jpg?itok=yln0_PLz
Zee5 partners with Meghbela Broadband to strengthen ISP distribution

MUMBAI: The Covid2019 pandemic has changed consumers’ viewing habits, with a lot of people migrating to the OTT space for at-home entertainment in the last few months. Zee5 has seen over 3X growth in its consumer base and it is now looking to expand beyond the traditional DTH and Cable TV. To this...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/22/mirza.jpg?itok=JM9a1hke
Brands leverage Amazon Prime's Mirzapur 2

Amazon Prime Video’s Mirzapur is hot property right now. Fans are eagerly looking forward to the gritty crime-thriller’s second season, which drops on October 23.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/21/net_0.jpg?itok=D79hQsJX
Netflix plans to give free access for a weekend in India

KOLKATA: Netflix has been constantly innovating its marketing and promotion strategy in India to get more users to sign up. Now, it plans to give free access to the Indian audience for a weekend. “We think that giving everyone in a country to access Netflix for free for a weekend could be a great...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/21/net.jpg?itok=XTrDh5Mi
Netflix Q3 result: Continues to grow strong in APAC, much work to do in India

Netflix fell short of global subscriber additions in Q3, albeit a slower growth was forecasted by the streaming giant. The company has added 2.2 million net subscribers in the quarter, even lower than its prediction of 2.5 million.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/20/mx.jpg?itok=ePhLYsJf
MX TakaTak launches Fame House for top Indian influencers to create and collaborate

KOLKATA: Short video app MX TakaTak is the new home for content creators across the country, with over 6 million digital influencers, and counting, under its umbrella. In order to nurture and give a platform to these talented digital enthusiasts, MX TakaTak has announced the first edition of MX...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/20/pockr.jpg?itok=MEsGxhkQ
Pocket Aces partners up with Tinder & Pure Me for Firsts Season 3

MUMBAI: Pocket Aces is back with a new season of the hit Instagram series, Firsts. Presented by Tinder and PureMe, Firsts Season 3 explores a same-sex romantic relationship between two young women, who match on the dating app and experience an exhilarating journey of understanding love, life, and...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/10/20/alt.jpg?itok=4-Z8EJ9a
ALTBalaji to conduct Writers' Lab, a YouTube online masterclass series to inspire & educate aspiring students of cinema!

To bridge the gap between the prolific writers of the entertainment industry and aspiring students of cinema, ALTBalaji – one of the country’s leading OTT platforms has come up with a thoughtful and unique initiative – ‘The Writers' Lab’. Proposed to be an online masterclass where renowned writers...

iWorld Over The Top Services

Sign up for our Newsletter

subscribe for latest stories

* indicates required