PhonePe Hits 9 Mn Mark in Insurance Policies Sold Since September 2021
Digital payments major PhonePe revealed that it has sold over nine million policies, with over four million being sold in the last year alone. The company received its insurance broking license in September 2021.
This is the company’s first official sale disclosure after acquiring a full-fledged insurance broking license. The Walmart-backed organisation had entered the insurance space in 2020 with a corporate agency license.
At present, PhonePe distributes different insurance products including in the spaces of life, health, motor and car. It is a service the company provides in partnership with Acko, among others. This is facilitated with a monthly paying option through UPI.
In a statement, Vishal Gupta, Chief Executive of PhonePe Insurance highlighted that the company’s strategic partnership offering tailor-made customer services set it apart from its competitors.
Insurance distribution is one of the key verticals for PhonePe as it aims to diversify its revenues from digital payments. It has recently achieved a significant milestone with a registered user base of 500 million customers and 37 million merchants.
