PhonePe said it has contributed to the over 65% growth for two-wheeler digital insurance in India over the last two years. The company has also facilitated over 7.5 crore vehicle insurance quotes and 40 crore quotes across insurance products.
PhonePe started offering insurance on its platform in September 2021, and since then has sold over 90 lakh policies, with over 40 lakh being sold in the last year alone.
Recently, PhonePe introduced a unique monthly premium plan for health insurance – a first-of-its-kind initiative in the industry. This move is driven by the convenience of monthly payments, extending beyond credit card/EMI users, to encompass everyone.
This departure from lump sum payments involves actual monthly payouts, thereby easing the financial burden for our users. It also empowers users to opt for more extensive insurance coverage, due to enhanced affordability, without compromising on savings, PhonePe said.
Also, the transparency in selecting the appropriate coverage is reflected in the average transaction size (ATS), with an increasing number of users opting for comprehensive protection, it said.
Commenting on the milestone Vishal Gupta, CEO of PhonePe Insurance, said, “PhonePe’s innovative approach and customer-centric solutions have played a pivotal role in reshaping the landscape of the digital insurance space."
Meanwhile, India’s insurance sector is projected to achieve the swiftest expansion among G20 countries, projecting an average real-term premium growth rate of 7.1% from 2024 to 2028. This outpaces the global insurance market, which is expected to grow at a rate of approximately 2.4%, according to a report from the Swiss Re Institute.
The expanding economy, growing middle class, innovation and regulatory support are driving the insurance market growth in India.
