Digital payments major PhonePe said it has sold over 9 million overall policies since it received its insurance broking licence in September 2021, with over 4 million being sold in the last year alone.
The Walmart-backed company entered the insurance space in 2020 with a corporate agency licence before acquiring a full-fledged insurance broking licence. The fintech major announced that it has contributed to over 65 per cent growth for two-wheeler digital insurance in India over the last two years.
Currently, PhonePe distributes life, health, motor, and car insurance with partners such as Acko, among others, and allows users to pay in monthly subscriptions through UPI.
Strategic partnerships
“What sets PhonePe apart is its strategic partnerships with industry leaders, bringing deep expertise to co-create tailor-made offerings for its expanding customer base,” said Vishal Gupta, chief executive of PhonePe Insurance.
Insurance distribution is one of the key verticals for PhonePe, which has been looking to diversify its revenues from digital payments.
In line with this, the company last November created a group structure with individual business lines having their own heads, revenue, and profits as it worked towards a possible public listing.
The company also plans to launch consumer credit on its platform and is in the final stages to partner with Axis Bank for the service. The fintech major recently reported a registered user base of 500 million customers and 37 million merchants.
Recently, PhonePe appointed former Yes Bank Chief Digital Officer Ritesh Pai as CEO of its international payments business. In November last year, the company had a slew of top-level changes. Hemant Gala was made the CEO of the lending business, Vishal Gupta was appointed the Chief Executive of Insurance; Vivek Lohcheb became the CEO of the e-commerce app Pincode; and Ujjwal Jain became the Chief Executive of PhonePe’s wealth offerings Share.Market.