Spice Digital Limited, India's leading Mobile Value Added Services (MVAS) and Fintech Services Provider, has entered into an exclusive partnership with Policybazaar.com for offering personal accident cover to its customer base.
This move is expected to benefit more than five lakh customers. This benefit would also be extended to the company's 10,000+ channel partners. The policy will be activated through registration process under loyalty program.
Under the tie-up, Policybazaar.com will help craft the coverage along with insurance company as per the requirement, and also manage personal accident coverage of up to Rs.1 lakh to Spice Digital's loyal customers using various services at Spice Money counters and Rs.5 lakh for their premium channel partners in the event of permanent disability or death due to an accident. Policybazaar.com will also take care of the enrollment, issuance and other processes of the insured as per the partnership.
An internal study by Spice Digital and Policybazaar.com revealed that despite being important, most people do not pay heed to the relevance of having a personal accident cover in place. In fact, as per Global Safety Report (2015) released by WHO, India accounts for more than 2 lakh deaths due to accident. This number in itself lays emphasis on why personal accident insurance is a must in today's time.
The partnership between Spice Digital and Policybazaar.com would serve dual benefit of including more people under the personal accident insurance gamut, as well as pave way for Spice Digital to expand its customer and channel partner base.
Commenting on the partnership, Yashish Dahiya, CEO & Co-founder of Policybazaar.com said, "Spice Digital has come up with something extremely crucial for the well-being of their customers and we are excited to have partnered with them. Accidents can happen to anyone at any time and an initiative such as this will help create more awareness about the importance of personal accident cover. We hope this partnership with Spice Digital will enhance the value proposition for the company's clients as well as channel partners. "
As per Mr. Saket Agarwal, CEO of Spice Digital, "We have completed transaction worth ?1200 crore which stands testimony to excellent response from the market. We have tied up with Policybazaar, as it has a proven track record in the online insurance space. We believe, the partnership with Policybazaar will help us to nurture relationship with our channel partners & customers walking into Spice Money counters for availing any of the ten services.