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Mumbai: Bimaplan, an affordable insurance platform, on Friday said it has tied up with non-bank lender Credit Wise Capital (CWC) for easy insurance on two-wheeler loans.
This collaboration brings lending and insurance services under one umbrella, ensuring hassle-free and all-inclusive financing for the borrowers, it said. Through this collaboration, Bimaplan said it hopes to take forward its aim for insurance penetration among sections of the society that have traditionally been neglected by the formal financial institutions.
Yogesh Gupta, chief business officer, Bimaplan, said the company understands that accidents are unforeseen and these uncertainties of life can push the under-represented communities into further abyss of economic deprivation.
“Without insurance, these families are left vulnerable in case of any untoward incident. Our effort has been to democratize insurance through affordable products. We want to bring them financial security especially at times when they need it the most," said Gupta.
He added that since two-wheelers are the vehicles of preference for families ranging across various socio-economic groups, this partnership will allow Bimaplan to serve several communities. “We want to cater to wider geographies and are committed towards tapping at least 50,000 of our partner’s customer base by 2023," said Gupta.
Aalesh Avlani, co-founder, Credit Wise Capital said that a new-age fintech requires a new-age insure-tech and not a legacy business to cater to today’s India.
“Customers require speed in execution, and by partnering with someone who shares the same ethos, we were able to quickly build a strategy and roll it out," said Avlani.
