Edelweiss Tokio Life Insurance, a joint venture between Edelweiss Financial Services and Tokio Marine Holdings, announced its association with Mobikwik to offer bite-sized group insurance plans. Edelweiss Tokio Life will offer Group insurance in the variants of Rs 1 lakh, Rs 3 lakh, and Rs 5 lakh through Mobikwik’s wallet app and website.
The cover can be availed for an annual premium of Rs 148, Rs 443, and Rs 738 respectively.
“With the increased adoption of mobile technologies and internet penetration, leading FinTech players like Mobikwik have become strategically crucial in improving reach and access of insurance products to the end customer. This will also help us democratise the insurance buying process and create customer delight by providing relevant solutions with a single click,” Sumit Rai, MD & CEO, Edelweiss Tokio Life said in a statement.
Mobile devices have disrupted the way many businesses are conducted including insurance. Edelweiss Tokio Life says that it recognises the overall impact of such technologies on the customer lifecycle and this initiative is a step towards building a holistic and seamless digital journey for customers.
Commenting on the development, Upasana Taku, Co-Founder, MobiKwik said, “The insurance penetration in India is close to 3.7% of the GDP and there is a huge potential ready to be tapped, more so with the exponential increase in the adoption of smartphones and penetration of the internet. This presents a vast opportunity for digital Insurance to the mass market which has been ignored by banks, distributors and even online companies owing to high distribution cost.”
Upasana believes that such under-banked customers are looking for sachet-size mobile insurance solutions which are affordable, simple to understand, and easy to buy from a handheld device without paperwork. “Keeping this in mind, we have rolled out small ticket size group insurance policies in association with Edelweiss Tokio Life, to enable Middle India to be able to afford the same. Our endeavors partnerships echo financial inclusion in all aspects for a brighter and secure Bharat,” she adds.