MobiKwik, mobile wallets and Buy Now Pay Later (BNPL) FinTech company in India, has collaborated with insurance giants like Cholamandalam MS General Insurance Company Ltd and SBI General Insurance to offer third party and comprehensive two-wheeler insurance plans on its platform.
With this partnership, the customers will now be able to insure their two-wheelers seamlessly on the Mobikwik app in just a few simple steps which are quick and easy to understand, it said.
How it works
A customer will have to enter the vehicle number to buy insurance without having access to his/her Registration Certificate (RC). The product suites will also include add-ons such as zero depreciation, personal accident and 24X7 road assistance.
MobiKwik users can now undergo a superior customer experience while opting for value added two-wheeler insurance plans (third party or comprehensive plans) for themselves. Also, they can now find all their different policy documents in one place on the app under the ‘My Policy’ section.
Commenting on the partnerships, Bipin Preet Singh, Co-founder, MD and CEO, MobiKwik said, “This alliance reinforces our vision of becoming a one-stop destination for all financial needs of Bharat, further bringing about an impactful change in the way financial services are distributed in India. As an added advantage, soon, MobiKwik customers will also be able to utilize MobiKwik Zip, Buy Now Pay Later service to pay their insurance premium. We plan to introduce several new products on our platform in the near future.”
Speaking on this occasion, Suryanarayanan V, Managing Director, Chola MS General Insurance said, “It would be our endeavor to cater to the huge organic digital user base of the brand. We plan to innovate and introduce several other new products on this platform in the future”
Speaking on the collaboration, Priya Kumar, Head – Emerging Business, Rural & Agriculture, SBI General Insurance said, “With increase in disposable income, a large number of people are opting for two-wheelers as their mode of transport. Two-wheeler insurance’s significance has been underlined by making the liability plan mandatory. We have observed that two-wheelers have a high uninsured rate, compared to other vehicles. In fact, as per IRDAI data the total number of two-wheelers on road in FY 18-19 stood at 17.59 Crore, while the total number of policies sold for two-wheelers in the FY 18-19 stood at 5.9 Crore. Recognizing this gap, SBI General Insurance aims to make two-wheeler insurance more accessible to a larger number of people through such digital associations”.