PhonePe recently announced that it has contributed to over 65% growth for two-wheeler digital Insurance in India, over the last 2 years. PhonePe said it has also facilitated over 75 million vehicle insurance quotes and 400 million quotes across insurance products.
PhonePe started offering Insurance on its platform in September 2021, and since then has sold over 9 million overall policies, with over 4 million being sold in the last year alone. The digital insurance market is growing at a CAGR of 24%, with a large part of this growth coming from PhonePe.
Vishal Gupta, CEO of PhonePe Insurance said, “PhonePe’s innovative approach and customer-centric solutions have played a pivotal role in reshaping the landscape of the digital insurance space. True to its ethos of positive disruption, PhonePe is revolutionizing the insurance buying experience in India. Our monthly premium plan for health insurance is another step in our commitment to providing innovative, customer-friendly solutions that truly address the needs of the modern Indian consumer. “