Indian InsurTech Edelweiss General Insurance (EGI) recently partnered with digital payments platform PhonePe to offer digital motor insurance products.
PhonePe customers can now buy EGI’s motor insurance policy with no paperwork in a few clicks and add additional benefits, including depreciation protection, engine protection, consumable expense protection, roadside assistance and key and lock protection.
“This partnership with PhonePe is a very strategic one for us,” said Shanai Ghosh, executive director and CEO, Edelweiss General Insurance, in the joint announcement. “It is in sync with our philosophy of providing customers with digital solutions that are easy, friendly and transparent, to protect what they love.
“We are excited to be part of PhonePe’s platform to connect and engage with customers seeking smart and convenient motor insurance solutions,” she said.
Edelweiss General Insurance has a suite of on-demand, need-based insurance products and an omnichannel digital distribution platform through a number of partnerships, combining its owned digital platforms and marketplaces.
“We are delighted to partner with Edelweiss General Insurance to provide digital motor insurance products to our 33+ crore registered users,” said Gunjan Ghai, VP and head of insurance, PhonePe, in the joint announcement.
“PhonePe users can now choose from multiple motor insurance products on our platform and purchase insurance that best suits their needs seamlessly in just a few clicks,” he said. “Our vision is to be a one-stop destination for all the insurance needs of our customers and this partnership is another step in that direction.”
Related: ConnectedEconomy™ 2021: PhonePe Addresses Massive Scale Of India’s Digitization
PhonePe was the only non-banking app to launch on the new unified payment interface (UPI) when demonetization happened across India in November 2016.
Prime Minister Narendra Modi announced the demonetization plan on live television, telling the nation’s 1.3 billion people that all 500 and 1,000-rupee notes, roughly equivalent to about $10 or $20, would be banned in four hours’ time.
Modi’s move was meant to wipe out the “home cash” savings the country’s citizens were stashing to avoid taxes and bring an economy that was 90% cash into the digital world, but it caught most residents completely unaware.
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