MobiKwik, one of India’s largest digital financial services platform, today announced the roll out of digital insurance on its app. This is the third big launch in the financial services domain by MobiKwik this year, that is on an expansion mode as it targets a 4x growth in the current financial year. MobiKwik has launched breakthrough sachet sized products that will cater to emerging affluent and mass customer base across the country. The insurance purchase is extremely simplified and a MobiKwik 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.
MobiKwik users will be able to choose and purchase from a range of life insurance and general insurance products. The user will be suggested the right insurance product, selected basis self- profiling of customer, advanced data analytics and artificial intelligence algorithm. In the first phase, MobiKwik has rolled out accidental insurance for the users. 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.
Commenting on the launch, Ms Upasana Taku, Co-founder and Director, MobiKwik said, “The insurance penetration in India is close to 3% 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. We aim to cater to over 150 mn 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.”
Added Ms. Taku, “We are confident of disrupting the insurance market with our product portfolio. Our differentiated product offering will be bundled in the customer journey. We understand that complexity of the product, high premiums and standardised 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 low premium. We are targeting 1.5 million policies by the end of the current financial year.”
MobiKwik had recently launched the buying and selling of digital gold, in partnership with SafeGold. As a part of the second phase, it also announced that its customers could convert their digital gold to gold jewellery from CaratLane, both online and at any of their stores in India. MobiKwik also declared its entry into the wealth management business with a 100% acquisition of Clearfunds, a leading online wealth management platform based out of Mumbai. MobiKwik will be investing US$15 million over the next one year to scale up its wealth management business.