Money & Banking

MobiKwik and ICICI Lombard tie up to insure ‘home contents’

KR Srivats New Delhi | Updated on May 16, 2019 Published on May 16, 2019

For a small premium of ₹25 per month, you can now secure the contents of your home using a mobile app and protect them against mishaps.

MobiKwik, a leading fintech platform, has launched a ‘home contents’ insurance product that provides ₹2 lakh cover for both home owners and those who take them on rent.

It has partnered with ICICI Lombard General Insurance for this product. “Our home insurance is not a product that covers the building, but one that covers the contents of your home. This is an instant policy, no paper work, no inspection, and instantly within 10 seconds you have the policy in your hand,” Upasana Taku, Co-founder, MobiKwik, told BusinessLine.

More than 1,500 policies have been sold after the product was launched two days back, she added.

Even the claim process will be digitally-driven, just as the buying happens through the MobiKwik app.

It may be recalled that MobiKwik had, four months back, launched insurance as a separate vertical. Till date, this fintech platform has already sold about five lakh insurance policies (out of four products).

“Our goal this financial year is to sell more than a million insurance policies,” said Taku.

MobiKwik had started its digital loans product in March last year. In April 2019 alone, more than 57,000 loans were disbursed.

“Our mutual funds products started in February. We clearly see mutual funds and insurance catching up in a big way this year out of our platform,” she added.

The insurance products that MobiKwik sells are byte-sized insurance. The idea is to sell simple products so that MobiKwik will enjoy top of the mind recall, according to Taku.

Published on May 16, 2019
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