Page 51 - The Insurance Times September 2024

NEW PRODUCTS

New Product

Launches

PhonePe launches pre-approved term PhonePe, based on the underwriting principles of its
insurance partners, identifies a user base for whom the pre-
life insurance
approved term insurance process can be enabled. The
PhonePe, announced the launch of a ‘pre-approved term life company has worked on these indicators collaboratively with
insurance’ feature on its platform. The feature aims to make
the insurance providers to empower users while complying
insurance coverage more accessible and affordable for with underwriting principles set by the regulators.
millions of Indians by waiving the requirement for proof of
income at the time of policy purchase. With this launch,
PhonePe ushers a new era of financial inclusion in India by Zuno General Insurance Launches Usage
making insurance products inclusive with the added Based Insurance Policy For Motor
advantage of quick and convenient access to life insurance
coverage, without requiring extensive income verification. Vehicles In India
General Insurance company Zuno (Formerly known as
The company has partnered with leading insurers to enable
Edelweiss) announced the launch of new add-on offering for
this feature on its platform. This partnership also supports
insurance providers to now serve more users, specifically their motor insurance products during a press event in
over 30 million individuals, who previously could not avail Mumbai today. The new feature termed as Pay How You
term insurance due to the lack of income proof. Millions of Drive (PHYD) allows user to assess their driving skills and
PhonePe users including merchants, self-employed generate a point-based score (Zuno Driving Quotient or ZDQ)
individuals, gig workers and many more user groups who for every drive undertaken by the user. This score helps Zuno
don't have a formal proof of salary or income, can now avail determine the quality of driving behaviour by the user and
term insurance products seamlessly on the PhonePe entitle them for up to 30% discounts on insurance premium,
platform. Infact, the company is focused on scaling up this which can be availed at the time of annual insurance
offer tremendously and expanding its reach to make it renewal.
accessible for up to 50 million users by later this year.
The user driving behaviour will be analysed based on trip
Commenting on the launch, Vishal Gupta, CEO at PhonePe data collected though mobile telematics embedded in the
Insurance Broking Services, said, “We are excited to Zuno app and its consistent usage is likely to fetch additional
announce the launch of the ‘pre-approved sum assured benefits including safer driving practices amongst the users.
(PASA)’ feature on our platform. This launch is aimed at As per the company, drive-related data would be collected
bringing the previously under-served customers into the anonymously, masking user identity and the scores shall get
term life insurance net by making the products more
calculated in the background using an automated digital
accessible and affordable to Indians across various socio- process and assigned to the unique user id thereafter.
economic strata. By partnering with industry leaders and
collaborating with them deeply we are able to simplify user A Usage Based Insurance (UBI) policy is still a new concept
experience and deliver tailor-made offerings that are in the country. “This will give customers a greater control
industry leading and solving for specific cohorts in an over their insurance pricing, personalizing it which will be a
inclusive manner. Our mission is to drive insurance adoption departure from current pricing approach.”, said Ms Shanai
in the country by making the insurance buying process Ghosh, MD & CEO Zuno General Insurance during the
simple, easy and affordable for all.” launch event.

46 September 2024 The Insurance Times