MobiKwik partners Cholamandalam MS, SBI General for 2-wheeler insurance
The product suites will include add-ons such as zero depreciation, personal accident and 24X7 road assistance,
PremiumMobiKwik, a mobile wallet and Buy Now Pay Later (BNPL) finrech company in India, has collaborated with Cholamandalam MS General Insurance Company Ltd and SBI General Insurance to offer third party and comprehensive two-wheeler insurance plans on its platform.
A customer will just have to enter the vehicle number to buy insurance on MobiKwik platform without having access to his/her registration certificate. The product suites will include add-ons such as zero depreciation, personal accident and 24X7 road assistance, according to the MobiKwik press release.
Bipin Preet Singh, co-founder, MD and CEO, MobiKwik said, "This alliance reinforces our vision of becoming a one-stop destination for all financial needs of Bharat, further bringing about an impactful change in the way financial services are distributed in India. We are certain that insurance offerings on MobiKwik platform will not just benefit our 120 million customers but will bring more people in the ambit of insurance. As an added advantage, soon, MobiKwik customers will also be able to utilize MobiKwik Zip, Buy Now Pay Later service to pay their insurance premium. We plan to introduce several new products on our platform in the near future."
MobiKwik users can opt for value-added two-wheeler insurance plans (third party or comprehensive plans) for themselves. MobiKwik users can also find all their different policy documents in one place on the app under the ‘My Policy’ section.
Priya Kumar, head – Emerging Business, Rural & Agriculture, SBI General Insurance said, “With increase in disposable income, a large number of people are opting for two-wheelers as their mode of transport. Two-wheeler insurance’s significance has been underlined by making the liability plan mandatory. We have observed that two-wheelers have a high uninsured rate, compared to other vehicles. In fact, as per IRDAI data the total number of two-wheelers on road in FY 18-19 stood at 17.59 Crore, while the total number of policies sold for two-wheelers in the FY 18-19 stood at 5.9 Crore. Recognizing this gap, SBI General Insurance aims to make two-wheeler insurance more accessible to a larger number of people through such digital associations. We will continue to strengthen our efforts in bring more people under the insurance fold to secure their finances by making insurance accessible and simple".
MobiKwik recently announced 9M FY22 results, reflecting robust top-line growth and revenue increase by 86% Y-o-Y from ₹2126 million to ₹3965 million. The company has also turned profitable for the first time since inception in the quarter ending December 2021.
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