PhonePe becomes India's fastest growing insure-tech distributor

Digital payments platform PhonePe, which is focusing on financial services for driving growth, said today that it has emerged as the fastest growing insure-tech distributor in India.

In the last four months alone, PhonePe has added six new products in the insurance and wealth management space.

PhonePe said its mutual fund offerings have also seen investments from over 5,000 cities and towns in India.

"This year we will be launching multiple tailor-made products across insurance and mutual funds and expect to have one of the most comprehensive product offerings in the space. Our philosophy has always been to launch customer centric products backed by a deep understanding of customer needs, with simplified payment flows." Hemant Gala, Vice President, Financial Services & Payments, PhonePe, said in a statement.

"The customer response to the recent launches has been phenomenal resulting in us becoming the fastest growing insure-tech distributor in India. We have also seen Mutual Fund investments from over 15,000 pin codes across tier 1, 2 & 3 cities and towns," he added.

One of PhonePe's mutual fund customers from Dhanbad who recently started using Liquid Funds said "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."

Another customer from Vishakapatnam who purchased coronavirus insurance policy on PhonePe said "When I registered a claim which I thought would be a tedious process, I was in for a pleasant surprise as the claim amount was transferred to my account within a week. The entire process was very quick and easy."

PhonePe has over 230 million registered users. What is noteworthy is that over 70 per cent 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..