Gurugram-based digital payments startup MobiKwik has announced the launch of digital insurance on its platform, in order to strengthen its financial services, catering to a wider range of customers.
With the launch of digital insurance, MobiKwik will be offering sachet sized products, enabling users to buy insurance cover of ₹1 lakh for as low as ₹20, for a period of one year.
MobiKwik will be using advanced data analytics and artificial algorithm, in order to suggest the most suitable insurance products for its customers, based on their profiles.
The fintech startup has rolled out accidental insurance for its users, in the first phase. Later the users will be able to choose from a range of life insurance and general insurance products, offered in partnership with leading insurance providers.
The startup provides a seamless two-step process for buying insurance through its app and website, which will be completely paperless and instant.
Talking about the products, Upasana Taku, Co-Founder and Director, MobiKwik, said, “Our differentiated product offering will be bundled in the customer journey. We understand that complexity of the product, high premiums and standardised products irrespective of customer profile or needs are key deterrents to the adoption of insurance and hence, we will be co-creating products that offer high-value coverage at low premium.”
With the launch of its latest offering, MobiKwik is looking to cater to more than 150 million users across its platform and plans to sell 1.5 million policies by the end of this fiscal.
MobiKwik competes with the likes of Paytm, Flipkart owned-PhonePe, and Amazon Pay, in the Indian market.
The fintech startup has been trying to grab a greater market share, as it looks to expand its product portfolio, to reach more users.
Last month, MobiKwik acquired Clearfunds, marking its foray into wealth management segment. It also launched “Boost”, offering loans up to ₹90,000 to its users, in 90 seconds.
In August 2017, MobiKwik raised $35.4 million in series D funding from Bajaj Finserv Limited. It later partnered with Bajaj Finserv, for a new fintech lending app.