PhonePe, the digital payments platform, has announced it has added 6 new products in the insurance and wealth management space in the last 4 months.
PhonePe credits its cutting edge technology platform that encourages continuous innovation, the passion of its people and strong and aligned partners as the key pillars that have helped launch multiple products at a rapid pace despite the lockdown.
Insurance and Financial Services have been deeply under penetrated categories in India due to problems of distribution, customer education and awareness. PhonePe with its over 230 Million user base, is uniquely positioned to solve these problems and get the right product at the right price point to customers across India.
What differentiates PhonePe’s offerings is that the products are simple to understand, come with an instant enrollment and are distributed digitally at very affordable prices. What also sets the offerings apart is the partnerships PhonePe has built with industry leaders in both the Insurance & Mutual Funds space.
These partners come with deep experience in this space, and have worked very closely with PhonePe to launch tailor-made offerings for its rapidly increasing customer base.
Hemant Gala, Vice President, Financial Services & Payments, said, “PhonePe is building India’s most comprehensive Financial Services platform.
“Our philosophy has always been to launch customer centric products backed by a deep understanding of customer needs, with simplified payment flows.
“The customer response to our recent launches has been phenomenal, and we have already become the fastest growing insure-tech distributor in India and have also seen Mutual Fund investments from over 15,000 pin codes across tier 1,2 & 3 cities and towns.
“We will be launching multiple tailor-made products in the financial services space addressing key use cases and solving critical customer problems by the end of the year,” Gala said.
Vishal Gupta, Head of Product Management at PhonePe, said, “We believe that buying insurance and investing in Mutual Fund products should be a simple, frictionless and secure process. All our Financial Service products have been built keeping the above principles in mind.
“What is also noteworthy is that despite the lockdown, our pace of product development did not slow down and we were able to bring new offerings to the market with the same cadence that we had set for ourselves in the beginning of the year.
“The deep collaboration, efficient communication and flawless execution across business and products teams made this possible. We will continue to innovate and deliver use case led products while we build out India’s largest Financial Services platform,” Gupta said.
Here’s a quick timeline view of PhonePe’s new launches:
- The Personal Accident: Launched in July. Offers the customer or its nominee a fixed, lumpsum amount in the unfortunate event of death or total permanent disability of the insured due to an accident. Premium for the same starts from Rs. 24 to Rs. 480 with sum insured ranging from 1 Lac to 20 Lacs.
- The Dengue & Malaria cover: Launched in July. Offers policyholders a fixed cash payout amount on diagnosis and more than 48 hours of hospitalisation due to 6 vector borne diseases including Dengue, Malaria, Japanese Encephalitis, Kala-Azar, chikungunya and filariasis.
- Hospital Daily Cash: Launched in July. Offers a per day cash payout for upto 15 days on hospitalisation with a minimum 48 hours of hospitalisation payable from second day onwards. Premiums start from Rs.130 and Sum insured available amount goes upto Rs.75,000
- CoronaVirus Insurance Policy: Launched in April. Offers a cashless and reimbursement payout for diagnosis and hospitalisation due to Covid-19 – upto Rs.1 lacs – with prices starting from Rs.396
- Domestic Travel Insurance: Launched in June. Offers an affordable annual insurance cover of up to Rs. 5 lakhs for a number of travel-related untoward incidents for Rs 499
- Super Funds: Launched in May. A comprehensive investment solution managed by professional Fund Managers that invests across multiple top equity, gold and debt funds of different mutual fund companies to help investors create long-term wealth in a safer way. Investors can begin investing with as little as Rs 500 per month.