MobiKwik partners with Cholamandalam MS, SBI General for 2-wheeler insurance

A customer has to enter the vehicle number to buy insurance on the MobiKwik platform without having access to his/her certificate of registration. As per the MobiKwik press release, the product suite will include add-ons like zero depreciation, personal accident and 24X7 road assistance.

Bipin Preet Singh, Co-Founder, MD and CEO, MobiKwik, said, “This alliance reinforces our vision of becoming a one-stop destination for all financial needs of India, thereby creating a paradigm shift in the way financial services are delivered in India. An impressive change ensues. We are sure that the insurance offerings on the MobiKwik platform will not only benefit our 120 million customers, but will also bring more people under the ambit of insurance. As an added benefit, MobiKwik customers will soon be able to access MobiKwik Zip, Buy Now Pay as well. Later service to pay their insurance premiums. We plan to introduce many new products on our platform in the near future.”

MobiKwik users can opt for value added two wheeler insurance plans (third party or comprehensive plan) for themselves. MobiKwik users can find all their different policy documents at one place on the app under ‘My Policy’ section.

Priya Kumar, Head – Emerging Business, Rural & Agriculture, SBI General Insurance said, “With the rise in disposable income, a large number of people are choosing two-wheelers as their mode of transport. The importance of two wheeler insurance has been underscored by making the liability plan mandatory. We have seen that the insurance rates of two wheelers are higher as compared to other vehicles. In fact, according to IRDAI data, the total number of two-wheelers on the road in FY 18-19 was 17.59 crore, while the total number of policies sold for two-wheelers in FY 18-19 was 5.9 crore. Understanding this gap, SBI General Insurance aims to make two wheeler insurance more accessible to a large number of people through such digital associations. We will continue to strengthen our efforts to bring more people under insurance to secure their finances by making insurance accessible and simple.”

MobiKwik recently announced 9M FY22 results, showing strong top-line growth and 86% YoY growth in revenue 2126 million to 3965 million. In the quarter ended December 2021, the company has also turned profitable for the first time since its inception.