PhonePe contributes to 65% growth for 2-wheeler digital insurance

Digital payments company PhonePe on Thursday said that over the last two years, it has contributed to over 65 per cent growth for two-wheeler digital Insurance in India.

The company boasts facilitating over 75 million vehicle insurance quotes and 400 million quotes across insurance products. Moreover, the company has sold over 9 million overall policies since inception of insurance on the platform, and over 4 million being sold in the last year alone.

Notably, PhonePe also introduced a monthly premium plan for health insurance – a first-of-its-kind initiative in the industry.


The company explained that the whole departure from lump-sum payments involves actual monthly
payouts, thereby easing the financial burden for our users.

"It also empowers our users to opt for more extensive insurance coverage, due to enhanced affordability, without compromising on savings," the company said in a press release.

"Our monthly premium plan for health insurance is another step in our commitment to providing innovative, customer-friendly solutions that truly address the needs of the modern Indian consumer. 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, CEO of PhonePe Insurance.

The digital payments pioneer also said that the digital insurance market is growing at a CAGR of 24 per cent and a large part of this growth coming from PhonePe.