India, 14th June, 2022: PhonePe, India’s leading fintech platform today announced that it has sold over 1 million two-wheeler insurance policies on its insurance broking platform since the launch of the product. The company also said over 75% of overall insurance purchases come from tier 2 and 3 cities showcasing wide-adoption of its offerings in non-metros cities and towns. This milestone is a key marker in PhonePe’s vision of making insurance products accessible to all. PhonePe aims to help reduce the number of uninsured vehicles on road with wide selection on policy types, affordable prices and a paperless 2 minute instant process.
What is also noteworthy is that with PhonePe’s 2-wheeler insurance, customers can get hassle-free renewals and instant issuance even for expired policies without any inspection. Today, PhonePe has one of the wide choice of Insurers on-boarded on its platform, offering users an extensive range of options to choose from. These innovative features along with an intuitive onboarding and purchase experience, are driving adoption for insurance products on PhonePe across India.
The company further added that over 80% of 2-wheeler insurance was bought by users with expired covers. This indicates that these offerings on the PhonePe platform are serving previously underserved segments, who did not have enough awareness and a convenient avenue to renew their insurance. For two-wheeler insurance, PhonePe users are choosing comprehensive plans which cover both third party vehicle damages and own vehicle damages. PhonePe attributed this to the effort the company has put into increasing customer awareness, affordability and availability of such insurance products on its digital platform.
Commenting on the milestone, Prannay Batra, Head of General Insurance, PhonePe said, “We are delighted to have hit this milestone and remain grateful for the trust that our customers continue to repose in us. It is gratifying to note that more than 75% of the purchases come from tier 2 and 3 cities which is a testament to the fact that our product adoption in India has been truly inclusive. We aim to double down on this early momentum to drive insurance adoption in the country in line with the IRDAI’s vision of insurance for all by 2047, while working closely with our insurance partners to make insurance products simple, affordable and accessible to all.”