PhonePe India’s fastest growing digital payment app announced that it has emerged as the fastest growing insuretech distributor in India. In a significant milestone, PhonePe’s mutual fund offerings have also seen investments from over 15,000 pin codes across 5000+ cities in India. Financial services is a key focus area for the company, and in the last 4 months alone, PhonePe has added 6 new products in the insurance and wealth management space.
Speaking about the milestone Hemant Gala, Vice President, Financial Services & Payments, PhonePe said, “At PhonePe, we continually focus on building customer-centric products backed by deep research on customer needs and simplified payment flows. Before the end of this year, we intend to launch multiple tailor-made products across Insurance and Mutual Funds and expect to have one of the most comprehensive product offerings in the space, addressing key use cases and solving critical customer problems in both areas. The customer response to the recent launches has been phenomenal with us now having already sold 400,000 policies on our sachet insurance products, and with Rs 100 crore worth of mutual fund investments routed through PhonePe.”
What is noteworthy is that over 70% of PhonePe’s transactions come from Tier 2 and Tier 3 cities with many users buying Insurance products and investing in Mutual Funds for the first time.
Here’s what some customers who have tried the products have to say: “I always thought Mutual Funds are risky. But when I got to know about Liquid Funds, I found it to be a good way to invest as there was zero stock market risk. I tried it out and started earning better returns on my money than my savings account. I am very happy saving my money with Liquid Funds.” - D.Kumar Napit, Dhanbad.
“I purchased the Coronavirus Insurance policy from PhonePe in May '20. Unfortunately, I was diagnosed with Coronavirus in mid June '20, once I recovered and my quarantine period was over, I decided to register a claim. Initially, I thought it would be a tedious process but I was in for a surprise. I registered the claim in the first week of July, the insurer contacted me for my documents, once I sent them the reports and other details, the claim amount was transferred to my account within a week. The entire process was very quick and easy.” - A.Sharma, Visakhapatnam