Edelweiss General Insurance ties up with PhonePe to offer digital motor insurance

Edelweiss General Insurance (EGI) has tied up with digital payments major PhonePe to offer digital motor insurance products, EGI announced on Monday.

The partnership will help EGI reach out to PhonePe’s vast and growing network of customers and offer them simple, end-to-end digital solutions in the motor insurance segment, it stated.

Chalking out the benefits of the partnership, EGI said that PhonePe customers can now purchase the insurtech's motor insurance policy with zero paperwork. Along with that, customers can also opt for add-on benefits like depreciation protect, engine protection, consumable expense protect, roadside assistance, key and lock protect etc.

Commenting on the partnership, Shanai Ghosh, Executive Director & CEO, Edelweiss General Insurance, said, “This partnership with PhonePe is a very strategic one for us. It is in sync with our philosophy of providing customers with digital solutions that are easy, friendly, and transparent, to protect what they love. We are excited to be part of PhonePe’s platform to connect and engage with customers seeking smart and convenient motor insurance solutions.”

Gunjan Ghai, VP & Head of Insurance, PhonePe added, “We are delighted to partner with Edelweiss General Insurance to provide digital motor insurance products to our 33+ crore registered users. PhonePe users can now choose from multiple motor insurance products on our platform and purchase insurance that best suits their needs seamlessly in just a few clicks. Our vision is to be a one-stop destination for all the insurance needs of our customers and this partnership is another step in that direction.”

Edelweiss General Insurance has launched on-demand, need-based, bite-sized insurance products, and is aiming for partnership with some of the best brands in the digital ecosystem, the company further stated.

Last week, Walmart-owned PhonePe has said that offline merchant transactions on its platform have shown 200 per cent growth since last year, and it processed over a billion P2M (peer to merchant) transactions in the month of November. The company also said it has digitised 25 million small merchants and kirana stores in the country.

The company had previously announced its plans to hit the 25 million number by the end of 2021 and has achieved this target weeks ahead of schedule.