PhonePe sold 4 million digital insurance policies in 2023
Digital payments major PhonePe on Thursday announced that it has sold over 9 million policies, since launching their insurance platform in September 2021, with 4 million of those coming in the last year alone.
It claims to have facilitated over 75 million vehicle insurance quotes, and a total of 400 million quotes across various insurance products. It also claims to have contributed to 65% of the growth of two-wheeler digital insurance. The digital insurance market is growing at a CAGR of 24%.
The company had recently introduced a monthly premium plan for health insurance – that allows monthly payouts instead of annual lump sum payments.“True to its ethos of positive disruption, PhonePe is revolutionising the insurance buying experience in India.
Our monthly premium plan for health insurance is another step in our commitment to providing innovative, customer-friendly solutions…” Vishal Gupta, CEO of PhonePe Insurance, said.
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