PhonePe has claimed that it has sold over 5 lakh insurance policies on its platform during the period April - August 2020. PhonePe had acquired insurance distribution license just nine months back in January 2020.
The online distribution platform sells covid-19 insurance, domestic travel insurance, hospital daily cash, dengue & malaria insurance, personal accident cover and international travel insurance.
The company has seen insurance purchases from over 15,000 pin codes covering tier-1, 2 and 3. Over 70% of its users come from tier- 2 and 3 cities with many users buying insurance for the first time, said the company.
In the press release, Hemant Gala, VP Financial Services & Payments, PhonePe said, “Customers continue to repose their trust as they find buying insurance on our platform affordable, simple to understand and easy. This is in line with our goal to be a one-stop destination for all insurance needs of our customers. We are in talks with multiple insurers and have many new products in the pipeline which will be launched in the coming months.”
