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Homegrown digital payments platform, PhonePe, on Wednesday announced the launch of car and bike insurance products on its platform.
Owners of private cars and two-wheelers can avail of insurance on the platform. The offering has been launched in partnership with Bajaj Allianz General Insurance.
PhonePe 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,” PhonePe said in an official release.
Users can use the ‘My Money’ section of the app, available on both Android and iOS, to buy insurance for their bikes and cars. These insurance products are listed under the ‘insurance’ section. Customers can select the desired insurance coverage for their vehicle, fill up the details and make the payment directly from the app.
Car and bike insurance customers can also get renewals and cashless repair services at its “extensive countrywide network of garages” and instant claim settlement. Plans for car insurance can also be customised based on customer needs, with options such as zero depreciation, 24X7 roadside assistance and engine protection, among others.
“This is in line with our goal to be a one-stop destination for the insurance needs of our customers,” Commenting on the launch, Gunjan Ghai, VP & Head of Insurance at PhonePe, said: “We believe there is tremendous headroom for growth in the motor insurance segment as two-wheelers account for 70 per cent of the vehicles in the country and a bulk of these are uninsured. We remain deeply committed to making insurance affordable and accessible to our over 230 million users and will be launching many new products in the near future.”
Sourabh Chatterjee, President & Head - IT, Web Sales & Travel at Bajaj Allianz General Insurance said, “Motor insurance is necessary and provides protection during accidents. Still, we have many vehicles across India, both two-wheelers and four-wheelers, which are either not insured or are under-insured. “
“At Bajaj Allianz General Insurance, our endeavour has always been to offer insurance products that are simple, easy to understand, purchase and claim for our customers. Our partnership with digital platform providers is another small but giant step in that direction, and we are very excited with this launch. We will be coming up with more new and innovative products on this platform in the future,” he added.
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