insure their two-wheelers on the MobiKwik app with few easy steps.
A consumer will simply need to submit the vehicle’s registration number in order to purchase insurance through the MobiKwik platform, even if he does not have access to his registration certificate. According to MobiKwik’s media statement, the product suites will feature add-ons such as zero amortization, personal accident, and 24X7 roadside support.
Bipin Preet Singh, Co-Founder, Managing Director and CEO of MobiKwik, expressed optimism over the collaboration. He said, “This alliance furthers our vision of becoming a one stop destination for all financial needs in Bharat, driving a significant change in the way financial services are delivered in India”.
Bipin added, “We are confident that the insurance offerings on the MobiKwik platform will not only benefit our 120 million customers, but will bring more people into insurance. As an added benefit, soon MobiKwik customers will also be able to use MobiKwik Zip, Buy Now Pay later service to pay their insurance premium. We plan to introduce several new products to our platform in the near future.”
Users of MobiKwik can choose value-added two-wheeler insurance (civil liability or multi-risk). MobiKwik customers may also access all of their various policy papers in the app’s ‘My Policy’ area. MobiKwik recently published its nine-month results for the financial year 2022, which showed strong revenue growth and 86 percent annual revenue increase from INR 2126 million to INR 3965 million. Additionally, during the quarter ending December 2021, the firm achieved profitability for the first time since its founding.
Priya Kumar, Manager at Emerging Business, Rural & Agriculture, SBI General Insurance, explained the significance of two-wheeler insurance. He said, “With increasing disposable income, a large number of people are opting for two-wheelers as their mode of transport. The importance of two-wheeler insurance has been underlined by making the civil liability plan mandatory. We have observed that two-wheelers have a high rate of uninsured, compared to other vehicles”.
Priya Kumar added, “In fact, according to IRDAI data, the total number of two-wheelers on the road in FY18-19 stood at 17.59 crores, while the total number of policies sold for the two- wheels in FY18-19 stood at 5.9 crores. Recognizing this gap, SBI General Insurance aims to make two-wheeler insurance more accessible to more people through such digital associations. We will continue to strengthen our efforts to bring more people into the insurance fold to secure their finances by making insurance accessible and simple.”
