Walmart-owned digital payments firm PhonePe has launched insurance products for private cars and two-wheelers, partnering with Bajaj Allianz General Insurance for the service.
More than 230 million registered PhonePe users can insure their vehicles in under two minutes, said PhonePe about the service. The Bengaluru-based firm said users don’t need to upload documents before making a purchase and they can view their policy documents instantly.
“This is in line with our goal to be a one-stop destination for all insurance needs of our customers,” said Gunjan Ghai, vice president and head of insurance at PhonePe. “We believe there is tremendous headroom for growth in the motor insurance segment as two-wheelers account for 70 per cent of the vehicles in the country and a bulk of these are uninsured.”
PhonePe said its car and bike insurance products are also among the most affordable ones available. It said the customers can get renewals, cashless repair services at an extensive countrywide network of garages and instant claim settlement within 20 minutes. PhonePe users can also customise their car insurance plan based on their needs with a range of value-added offerings such as zero depreciation, 24X7 roadside assistance and engine protection. Zero depreciation helps protect the vehicle regardless of the annual depreciation in the value of its parts and pays for the entire claim amount, thereby limiting out-of-pocket expenses for the users.
“Motor insurance is necessary and provides protection during accidents,” said Sourabh Chatterjee, president and head - IT, web sales and travel at Bajaj Allianz General Insurance. “Still, we have many vehicles across India, both two-wheelers and four-wheelers, which are either not insured or are underinsured.”