Mobikwik launches digital insurance, targets 1.5 million policies by end of FY 2018-19

MobiKwik, India's leading digital financial services platform, has rolled out of digital insurance on its app.

MobiKwik has launched sachet sized products that will cater to emerging affluent and mass customer base across the country.

The insurance purchase is extremely simplified and a user can buy insurance in less than 10 seconds. A user can buy insurance of Rs. 1 lakh for a year for as low as Rs. 20.

In the first phase, the company has rolled out accidental insurance for the users and It will be partnering with leading insurance companies to offer the extensive range of products to its users.

Buying insurance will be a paperless, 2-step process and issuance of the policy will be instant. Users can purchase insurance either via the app or the MobiKwik website.

Upasana Taku, Co-founder, and Director, MobiKwik said, "The insurance penetration in India is close to 3 percent of the GDP and there is a huge potential ready to be tapped, more so with the exponential increase in the adoption of smartphones and penetration of the internet. This presents a vast opportunity for digital Insurance to the mass market which has been ignored by banks, distributors and even online companies in web comparison owing to either high distribution cost or low penetration of computers in the country."

Taku said, "We aim to cater to over 150 million mass and emerging affluent customers through our product range. MobiKwik has been the flag bearer for innovation in the fintech space and over the last 9 years, we have designed products aimed at transforming the financial landscape and driving financial inclusion in the country. With our innovative curated offerings in the insurance domain, we aim to simplify the process of buying insurance and also make it affordable for a totally untapped set of customers."

According to company users will be able to choose and purchase from a range of life insurance and general insurance products.

Taku said, "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 a low premium. We are targeting 1.5 million policies by the end of the current financial year."