Digital financial services platform MobiKwik on Wednesday announced the roll out of digital insurance on its app. MobiKwik is on an expansion mode as it targets a 4x growth in the current financial year, and also targets 1.5 million policies by the end of the current financial year.
Also, the insurance purchase is 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, it said.
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, 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. 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."
MobiKwik aims to cater to over 150 million mass and emerging affluent customers through its product range.
Taku said, “We are confident of disrupting the insurance market with our product portfolio. Our differentiated product offering will be bundled in the customer journey. 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. It 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 $15 million over the next one year to scale up its wealth management business.
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