Avi Ben-Hutta
Editor at Coverager
ICICI Prudential Life Insurance Mobikwik

MobiKwik Now Offers Life Insurance

Mobikwik , the Indian company that allows users to pay and transfer money using their mobile phones, is now offering life insurance through its app. In collaboration with ICICI Prudential Life Insurance Company, MobiKwik has rolled out a “first-of-its-kind group micro insurance product,” which is now the company’s second insurance offering after introducing accidental insurance in November 2018.

 

The new insurance product – 100% paperless – is suggested based on a user’s profile using “advanced data and analytics and artificial intelligence algorithm.” MobiKwik plans to extend its base of insurance providers and is exploring partnerships with other companies.

“Over the past 9 years, Mobikwik has designed products that are aimed at transforming the financial landscape and driving financial inclusion in India. Our foray into the life insurance category is in line with our vision to bring about an impactful change in the way financial services are distributed in India. As per a recent report by ASSOCHAM released in partnership with a research firm called APAS, the insurance industry in India is expected to reach $280 billion by 2020. The report also states that life insurance industry in the country is expected to grow by 12-15 per cent annually for the next three to five years.” – Cofounder of MobiKwik, Upasana Taku.

“The paperless on-boarding process paves the way for MobiKwik’s large user base to purchase life insurance. Customer centricity is the core philosophy of both organizations and we look forward to a long and mutually beneficial relationship.” – Deputy Managing Director, ICICI Prudential Life, Puneet Nanda.

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