On Wednesday, Flipkart-owned and Homegrown digital payments platform called PhonePe has announced the launch of car and bike insurance to its product portfolio in confederation with Bajaj Allianz General Insurance. The owners of the private cars and two-wheelers can now avail of insurance on this manifesto.
In an official statement, Phonepe said that the users can avail of insurance without the need for any documents to be uploaded before the purchase and also view their policy documents instantly on the app.
The customers can therefore use the ‘My Money’ section of the app available on both iOS and Android phones, to acquire insurance for their cars and bikes. These insurance products are listed under the ‘insurance’ section and the users can select the desired insurance coverage for their vehicle and then fill up the details and make the payment directly from the app.
The company has, however, bundled it with cashless repair services made available through a countrywide network of third party garages syndicated with Bajaj Allianz General Insurance. The customers also get instant claim settlement in less than 20 minutes and can customize their plans and choose from a bunch of value-added services such as zero depreciation, 24X7 roadside assistance, and engine protection.
Moreover, the importunity for automobiles has returned to pre-covid levels across segments including two-wheelers and passenger cars, according to the HDFC securities report.
PhonePe has recently announced that it has sold over 5 lakh insurance policies between April and August and many of the buyers belonged to tier 2, 3 cities, and were buying insurance for the first time. Besides, the company is offering digital wallets, UPI payments, mutual funds and also insurance products like tax-saving funds, international travel insurance, liquid funds, and several health plans revolving around covid-19 care.