•Aims to democratise insurance with compelling products for the new generation
Mumbai, August 1, 2019 (GPN) : With an aim to democratise insurance by offering a compelling product proposition digitally to the new generation, Edelweiss Tokio Life Insurance, a joint venture between Edelweiss Financial Services and Tokio Marine Holdings, announced its association with Mobikwik, a leading FinTech player in India.
Edelweiss Tokio Life will offer Group insurance in the variants of Rs. 1 lakh, Rs. 3 lakhs, and Rs. 5 lakhs 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.
Commenting on the association, Sumit Rai, MD & CEO, Edelweiss Tokio Life said, “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.”
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. Today 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.”
Mobile devices have disrupted the way many businesses are conducted including insurance. Edelweiss Tokio Life 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.
Built around customer needs, Edelweiss Tokio Life Insurance is known for its award-winning products and a distinctive channel mix. It is a significant contributor to the Edelweiss Group revenue and continues to sustainably scale in terms of size and reach.
About Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company Limited is a joint venture between Edelweiss Financial Services Limited, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest (over 138 years) and largest insurance companies in Japan. Edelweiss Tokio Life Insurance launched its pan-India operations in July 2011, offering proprietary need-based solutions to help customers meet their life stage financial goals. This lineage brings together a deep understanding of customer needs and international expertise. The company is headquartered in Mumbai serving over 2.02 lakh customers through 43,681 personal finance advisors across 121 branches in 93 major cities as on March 31, 2019.
Edelweiss Tokio Life Insurance has been consistently recognized for its Product Innovation capabilities at several forums, namely Golden Peacock Awards 2018, Golden Globe Tigers Awards 2018, ET NOW – BFSI Awards 2018, Times National Award for Marketing Excellence 2018, India Insurance Summit 2019 and Skoch Awards 2019.
To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisstokio.in
MobiKwik is India’s leading fintech platform, operating businesses in consumer payments, payment gateway, and financial services. The vision of the company is to build accessible, and affordable digital financial services for a Billion Indians. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised four rounds of funding from marquee investors including Sequoia Capital, American Express, and Net1.
MobiKwik’s consumer payments network is one of the largest in India with 107 million users, 3 million merchants, and 200+ billers. In the last year, the company has launched 3 new financial services – lending, insurance and wealth for its users and merchants. Earlier in 2018, it launched India’s fastest loan product ‘Boost’, which disburses money in the user’s wallet in 90 seconds. In Oct 2018, the company acquired Clearfunds, one of India’s emerging wealth startups.
For more information, log-on to https://www.mobikwik.com