MobiKwik, the Gurgaon-based digital payments startup has revealed that it has launched digital insurance on its platform. This step has been taken to strengthen its financial services while catering to a wider range of users.
With the launch of digital insurance, users will be able to buy insurance cover of Rs. 1 lakh for as low as Rs. 20 for a period of one year. By leveraging advanced data analytics and artificial algorithm, MobiKwik will suggest the most suitable insurance products to its customers, on the basis of their profiles and needs.
As of now, the company has rolled out accidental insurance for its users in the first phase. But, at a later point in time, a wide range of General insurance and life insurance products will be made available for consumers.
MobiKwik provides a hassle-free two steps procedure for buying insurance with the help of its app and website. All these are going to be completely instant and paperless.
Talking about their products, Upasana Taku, Co-Founder, and Director, MobiKwik, said, “Our differentiated product offering will be bundled in the customer journey. We understand that complexity of the product, high premiums and standardized products irrespective of customer profile or needs are key deterrents to the adoption of insurance, and hence, we will be co-creating products that offer high-value coverage at the low premium.”
With the latest offering, MobiKwik is planning to reach out to 150 Million customers across its platform and also to sell 1.5 Million policies by the end of this fiscal year.