Press Release

Press Release

PhonePe expands its Insurance portfolio with the launch of Car & Bike Insurance

  • Simplified purchase journey for users from quote to issuance in under 2 minutes
  • 24×7 Roadside Assistance included with comprehensive Bike Insurance cover

National, October 14, 2020: PhonePe, India’s leading digital payments platform, today announced the launch of Car and Bike Insurance products on its platform for owners of private cars and two-wheelers, in association with Bajaj Allianz General Insurance, one of India’s leading general insurers. With this launch, over 230 million registered PhonePe users can now insure their vehicles seamlessly in under 2 minutes, without the need for any documents to be uploaded before the purchase and also view their policy documents instantly on the app. PhonePe’s Car and Bike insurance products are also among the most affordable ones available in the market today.

What is also noteworthy is that PhonePe’s Car and Bike insurance customers can get hassle-free renewals, cashless repair services at an extensive countrywide network of garages and instant claim settlement within 20 mins. PhonePe users can also customise their Car insurance plan based on their needs with a range of value-added offerings such as Zero Depreciation, 24X7 Roadside Assistance and engine protection among others. Zero depreciation helps protect the vehicle regardless of the annual depreciation in the value of its parts and pays for the entire claim amount, thereby limiting out-of-pocket expenses for the users.

Commenting on the launch, Gunjan Ghai, VP & Head of Insurance at PhonePe said, “We are delighted to launch Car and Bike insurance products for our users. This is in line with our goal to be a one-stop destination for all insurance needs of our customers, We believe there is tremendous headroom for growth in the motor insurance segment as two-wheelers account for 70% of the vehicles in the country and a bulk of these are uninsured. With our reach and customer-first approach, we are offering a simple, quick and convenient way to buy motor insurance while also enabling smooth renewals. We remain deeply committed to making insurance affordable and accessible for our over 230 million users and will be launching many new products in the near future.”

Sharing his perspective, 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 underinsured. At Bajaj Allianz General Insurance, our endeavour has always been to offer insurance products in the market that are simple, easy to understand, purchase and claim for our customers. Our partnership with digital platform providers are another small but giant step in that direction and hence we are very excited with this launch. We will be coming up with more new and innovative products on this platform in the future.”

PhonePe users can get their bikes and cars insured in a few simple steps. All they need to do is to go to the “My Money” section of the app (both Android & iOS) and visit the “Insurance” section. Both Car & Bike insurance products will be visible under the Motor Insurance section. Customers just need to select the desired insurance coverage for their vehicle, fill up the details and make the payment.

About PhonePe:
PhonePe is India’s leading digital payments platform with over 230 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of digital gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched Mutual funds and Insurance financial products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 220 apps including Ola, Myntra, IRCTC, Goibibo, RedBus, Oyo etc. directly from within the PhonePe mobile app. PhonePe is accepted at 13 million merchant outlets across 500 cities nationally.

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