MobiKwik Introduced Digital Insurance: Targets 1.5 Million Policies By End Of FY 2018-19 - GADGETS AND INNOVATIONS

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Thursday, November 22, 2018

MobiKwik Introduced Digital Insurance: Targets 1.5 Million Policies By End Of FY 2018-19


~ Rolls out Sachet & Curated products
~ Users can buy insurance in less than 10 seconds


MobiKwik, one of India’s largest digital financial services platform, today announced the roll out of digital insurance on its app. This is the third big launch in the financial services domain by MobiKwik this year, that is on an expansion mode as it targets a 4x growth in the current financial year. MobiKwik has launched breakthrough sachet sized products that will cater to emerging affluent and mass customer base across the country. The insurance purchase is extremely simplified and a MobiKwik user can buy insurance in less than 10 seconds. A user can buy insurance of Rs. 1 lakh for a year for as low as Rs. 20.

MobiKwik users will be able to choose and purchase from a range of life insurance and general insurance products. The user will be suggested the right insurance product, selected basis self- profiling of customer, advanced data analytics and artificial intelligence algorithm. In the first phase, MobiKwik has rolled out accidental insurance for the users. It will be partnering with leading insurance companies to offer the extensive range of products to its users. Buying insurance will be a paperless, 2-step process and issuance of the policy will be instant. Users can purchase insurance either via the app or the MobiKwik website.

MobiKwik had recently launched the buying and selling of digital gold, in partnership with SafeGold. As a part of the second phase, it also announced that its customers could convert their digital gold to gold jewellery from CaratLane, both online and at any of their stores in India. MobiKwik also declared its entry into the wealth management business with a 100% acquisition of Clearfunds, a leading online wealth management platform based out of Mumbai. MobiKwik will be investing US$15 million over the next one year to scale up its wealth management business.



New Delhi, 21 November 2018

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