PhonePe’s Post

It is a great way to tap into an underserved market while making a difference. I tried the journey, it was quick and simple. This got me thinking: Could hyper-local, event-specific products like this redefine financial inclusion in India? I would love to hear your thoughts!

𝗠𝗮𝗵𝗮 𝗞𝘂𝗺𝗯𝗵 𝗠𝗲𝗹𝗮 𝟮𝟬𝟮𝟱 𝗮𝗻𝗱 𝗥𝗼𝗹𝗲 𝗼𝗳 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 The Maha Kumbh Mela, the world's largest spiritual gathering, will commence in Prayagraj, Uttar Pradesh, from 𝟭𝟯 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 to 𝟮𝟲 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟱. This sacred event, deeply rooted in Hindu tradition, occurs every 144 years in Prayagraj, and the "Maha" (great) prefix highlights its prominence. 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝘃𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗢𝗳𝗳𝗲𝗿𝗶𝗻𝗴 Recognizing the unique challenges of such a vast gathering, PhonePe Insurance Broking, in collaboration with ICICI Lombard General Insurance, has introduced a pioneering insurance policy tailored specifically for Maha Kumbh Mela attendees. This affordable plan is available in two variants: ₹𝟱𝟵 𝗽𝗲𝗿 𝘁𝗿𝗮𝘃𝗲𝗹𝗹𝗲𝗿: Designed for individuals traveling by train or bus. ₹𝟵𝟵 𝗽𝗲𝗿 𝘁𝗿𝗮𝘃𝗲𝗹𝗹𝗲𝗿: Suited for those traveling by domestic flights. 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲 • Hospitalization Coverage: Up to ₹𝟱𝟬,𝟬𝟬𝟬 • Doctor Consultation and Outpatient Treatment: Up to ₹𝟭,𝟱𝟬𝟬 • Personal Accident Cover: Up to ₹𝟭 𝗹𝗮𝗸𝗵 for death or disability caused by accidents • Loss of checked-in baggage and missed connecting flights: Each up to ₹𝟱,𝟬𝟬𝟬 (applicable for domestic flight policyholders) • Trip Cancellation Cover: Up to ₹𝟱,𝟬𝟬𝟬 • Repatriation of Remains: Up to ₹𝟭𝟬,𝟬𝟬𝟬 𝗛𝗼𝘄 𝘁𝗼 𝗔𝘃𝗮𝗶𝗹 𝘁𝗵𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲 Pilgrims can secure this insurance plan via the PhonePe app until 𝟮𝟱 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟱. Here's how: • Open the PhonePe App: Ensure it's updated to the latest version. • Navigate to the Insurance Section: Tap on 'Insurance' from the main menu. • Select 'Maha Kumbh' Insurance: Choose the dedicated plan for Maha Kumbh Mela. • Review Product Details: Understand the coverage and benefits. • Click on 'Buy Now': Proceed to purchase. • Choose Your Plan: Select ₹59 for train/bus travelers or ₹99 for flight travellers. • Add Member Details: Enter the required personal information. • Complete Payment: Finalize the purchase through the app's secure payment gateway. 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 Vishal Gupta, CEO of PhonePe Insurance Broking Services, expressed: "We are delighted to introduce this first-of-its-kind insurance offering for an event as significant as the Maha Kumbh Mela. This launch aligns with our commitment to being the most trusted platform for all insurance needs." Anand Singhi, Chief - Retail and Government at ICICI Lombard General Insurance, added: "Together, we aim to ensure that travelers to the Maha Kumbh Mela can focus on their devotional journey, knowing they are comprehensively protected against unforeseen risks." 𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀? How can tailored insurance solutions enhance safety at large-scale events, and what other features would you suggest? #MahaKumbh2025 #SpiritualJourney #PilgrimSafety #InnovativeInsurance #PhonePe #ICICILombard

Can a massive event like Maha Kumbh be insured? 🤔 Maha Kumbh Mela is now the largest human gatherings on Earth, with millions of pilgrims, tourists, and sadhus converging for weeks. Estimated 1 billion gathering. The sheer scale of the event brings risks—crowd surges, stampede, infrastructure strain, fire risks, health emergencies, and even natural disasters. But can an event of this magnitude be insured? The answer is complex. ✅ What could be covered? Public liability insurance (injuries, accidents) Event cancellation due to unforeseen circumstances Property & infrastructure damage Healthcare & emergency response ❌ Challenges in insuring Maha Kumbh: High risk due to unpredictable crowd behavior Government vs. private sector responsibility Act of God exclusions in policies Moral Hazards Kumbh Mela has partial coverage, a comprehensive insurance framework for such a mega-event is still evolving. However, in a groundbreaking move for the 2025 Maha Kumbh Mela, PhonePe, in collaboration with ICICI Lombard, has launched an innovative insurance plan tailored for attendees. This initiative offers two affordable variants as travel insurance plan. ₹59: For travelers journeying by train or bus. ₹99: For those traveling by domestic flights. The coverage encompasses a range of protections, including: Hospitalization expenses within the travel period. 1. Doctor consultations 2. Outpatient treatments 3. Personal accident coverage 4. Loss of checked-in baggage 5. Trip cancellations 6. Missed connecting flights 7. Flight cancellation 8. Repatriation of remains. source: https://lnkd.in/gbgFC5Nq Should the Central Government & IRDAI push for mandatory event insurance to State Governments? Can parametric insurance play a role? Can the devotees afford the rates, or it will be subsidized? Let’s discuss—how do you think the insurance industry should approach events of this scale? 🚀 #Insurance #MahaKumbh2025 #RiskManagement #EventInsurance #India ICICI Lombard phone pe

I am writing to highlight a distressing experience I’ve had with Policy Bazaar regarding a vehicle insurance policy I purchased through their platform. Despite multiple follow-ups and numerous assurances over the last 1.5 months, the issue remains unresolved, causing me significant inconvenience and financial loss. Key Issues: 1. Policy Not Updated on mParivahaan: The vehicle policy I purchased from Policy Bazaar is still not updated on the mParivahaan platform, which has resulted in a traffic challan issued by the Road and Transport Department. 2. Hypothecation Not Possible: Due to the policy not being updated, I am unable to complete the hypothecation process for my vehicle, further complicating matters. 3. Policy Verification Concerns: When I attempted to verify the policy details with United India Insurance Company (UIIC), they stated that the policy appears to be invalid and that they cannot verify its authenticity. This raises serious questions about the policy number provided by Policy Bazaar. 4. Misguiding and Delayed Response: Policy Bazaar’s team has been providing misleading information and dragging this issue for over 1.5 months without any resolution, leaving me in a frustrating limbo. My Requests: • Immediate Update on mParivahaan: Ensure my vehicle insurance policy is updated promptly on mParivahaan to avoid further legal or financial issues. • Revoke the Challan: I demand assistance in getting the traffic challan revoked, as this issue stems from Policy Bazaar’s failure to update the policy details correctly. My Questions: 1. How did Policy Bazaar issue a policy number if UIIC, the insurer, cannot verify its authenticity? 2. Why has there been no concrete resolution or accountability from Policy Bazaar in this matter? Call to Action: I am escalating this issue publicly because I’ve exhausted all options to resolve it directly with Policy Bazaar. As a customer, I deserve better transparency, accountability, and resolution from such a prominent service provider. I hope this post will prompt Policy Bazaar and the concerned authorities to take swift action and address my grievances. Name : Vijay Kishore Policy Number : 223000312401604991** Challan Number : BR7234253**1029084463 Ticket ID : PB5160588862 #PolicyBazaar #CustomerComplaint #InsuranceFraud #mParivahaan #UIIC #VehiclePolicy Sarbvir Singh Yashish Dahiya Policybazaar.com United India Insurance Co. Ltd. Roads and Transport Authority

Is India’s insurance penetration as abysmal as data suggests? But what if we're interpreting it incorrectly ? The metrics of Insurance penetration should include coverage, which is infinitely more important than premiums alone. Besides everything else, there are 536 million Jan Dhan account holders and over 650 million people covered under the government's Jan Suraksha schemes. The key indicator usually under consideration is Insurance Premium. They have for large part either remained stable ( third party motor, term) or even declined over the decade- like in some segments of motor OD (own damage ), certain age cohorts for term insurance or recently, in Fire insurance. Even health, where premiums which have seen sustained price increases, still operates at aggregate industry-level loss ratios close to 100%. An attractive market with long term prospects has lead to intense competition which in turn has kept premiums cheap and affordable. At least for now. And that is a good thing from the customers’ point of view. Can we draw a corollary to the telecom sector, where Indians now benefit from the world’s cheapest rates? This parallel raises interesting questions about the future of the insurance industry in India. Meanwhile, the government and the regulator are working to create a conducive ecosystem to achieve the vision of "Insurance for All by 2047," with a spate of reforms on the horizon. For the full conversation, here’s the link https://lnkd.in/dKduqaZY

In a world filled with uncertainty, the need for reliable and accessible insurance solutions has never been more critical. Enter Digit Insurance, a Bengaluru-based general insurance and financial services company that has been making waves in the industry with its innovative approach to insurance. Founded in 2017, Digit Insurance has quickly risen to become a prominent player in the Indian insurance market, backed by the investment of renowned cricketer Virat Kohli. At the helm of Digit Insurance is Kamesh Goyal, a seasoned industry veteran with a wealth of experience in the insurance sector. Goyal’s impressive career spans over two decades, having held leadership roles at renowned companies like Allianz Insurance and Bajaj Allianz. With his deep understanding of the industry and a keen eye for innovation, Goyal has been the driving force behind Digit Insurance’s remarkable success. Digit Insurance's business model is designed to disrupt the traditional insurance industry. Unlike conventional players, Digit focuses on offering a wide range of innovative insurance products, including coverage for jewelry, mobile devices, and even COVID-19-related health concerns. By leveraging digital technology and a customer-centric approach, Digit aims to make insurance more accessible and tailored to the diverse needs of its clients. The company’s focus on providing comprehensive coverage across various domains, such as health, motor, and travel, has enabled it to generate a significant stream of revenue. As of June 2024, Go Digit Insurance has a total customer base of 5.3 crore. The insurance company has served over 30 million people since its inception in 2017. According to market report Digit Insurance gas market cap of Rs 34,528 crore. Digit Insurance #StartupStory #DigitInsurance #ViratKohli #KameshGoyal

The Indigo Problem: The Indian insurance industry suffers from a serious reputation issue. The recent Saif Ali Khan incident has also exposed this when people are questioning the honesty and integrity of insurance companies. They feel the rich and powerful, including corporates, are benefitting from insurance whereas ordinary policyholders suffer. However, if one looks at aggregate data, things tell a totally different picture. As per IRDA reports, the general insurance industry settled claims worth Rs 1.72 lakh crore of which more than Rs 80,000 crore was towards health insurance. The claim settlement ratio in the industry is more than 80 percent. There were 94,843 grievances in FY 23-24 against 2.96 billion issued policies, whereby the industry had a minuscule 0.003 percent grievance ratio. The insurance industry seems to suffer from what I would call the “Indigo problem”. Indigo Airlines has a fleet of 400 plus aircraft. It operates over 2100 daily flights, connecting over 125 destinations including 35 international. It handled 100+ million customers on board last year. The number of flight disruptions or customer issues are very small for Indigo. According to DGCA data, IndiGo had a customer complaint ratio of 0.2 per 10,000 passengers in October 2023. Despite this, IndiGo was ranked among the “world's worst airlines” in the 2024 AirHelp Score report, securing 103rd place out of 109 with a score of 4.80. IndiGo's low ranking was attributed to poor customer satisfaction and how it handled flight disruption claims. (https://lnkd.in/gSEe2ryS) Indigo has questioned the methodology of the survey, which is like blaming the mirror for one’s ugly face. Why does the Indigo problem occur and how can it be addressed? What can the insurance industry, particularly the general insurance companies do? Or do things differently? Any thoughts? Feel free to comment.

A claim settlement ratio of 80 per cent is nothing great. We should see the rejection ratio. If the rejection/repudiation ratio is more than 5 per cent then it is an indication that something is seriously wrong. Either the product is not cateribg to the needs of the insureds Or it has too many exclusions. The claim settlement might be too stringent as well. Also, a number of disputes and dissapointments pertain to lower percentage of claims being paid out of the total amount spent by the insured. There are too many deductions it appears. To be fair to insurers the hospitals have to take their share of the blame. No standardization of rates, over charging, unnecessary tests etc are the frequent issues one comes across. These problems are likely to persist inspire of recent initiatives of the regulator like cashless for all, Health Claims Exchange etc. The real issue is that hospitals are not regulated. Hence, there is little the insurers can do. One partial solution for this problem can be the, Health Savings Account. The insureds can maintain a Health Savings Account which can be utilised for defuctions which are not payable. The insurers can encourage the insureds to maintain a Health Savings Account by a discount in premium

Insurance is defined as a financial safety net, which is like a parachute that an insured can deploy in case of an unexpected loss and it can help the insured to protect the financial assets and peace of mind in the event of a covered event. The insurance industry in Bangladesh has undergone significant development and growth over the years. The insurance industry in Bangladesh has its roots in the pre-independence era when a few private insurance companies were established in the region. After the independence of Bangladesh in 1971, the government took measures to regulate and promote the insurance sector. The regulatory authority responsible for overseeing the insurance industry in Bangladesh is the Insurance Development and Regulatory Authority of Bangladesh (IDRA). The IDRA regulates and supervises insurance companies, sets guidelines and regulations, and ensures compliance with legal and operational requirements. The insurance market in Bangladesh consists of both life insurance and non-life (general) insurance companies. The insurance industry in Bangladesh offers various types of insurance products, including life insurance, health insurance, property insurance, motor insurance, liability insurance, marine insurance, and others. The insurance industry in Bangladesh has experienced significant growth, driven by factors such as increasing awareness of insurance, economic growth, and regulatory reforms. Microinsurance initiatives have gained prominence in Bangladesh, aiming to provide affordable insurance products to low-income individuals and communities. The government has also implemented social welfare programs that include insurance coverage for vulnerable segments of society, such as farmers, workers, and the elderly. The insurance industry in Bangladesh is relatively small, with a gross written premium (GWP) of around BDT 120 billion in 2022. However, the market is expected to grow in the coming years, driven by the increasing demand for insurance products and the growing economy of Bangladesh. The market is expected to reach BDT 200 billion by 2025 and BDT 300 billion by 2030. Bancassurance is a model in which banks and insurance companies like life and non-life come together to share their resources for providing their services under an umbrella. The senior analysts of the bank and insurance sector believe that this concept will bring a revolution in the financial sector by which banks and insurance companies can share their resources and also be able to provide their services at low cost. The upper, management of Bangladesh Bank thought that this concept can able to include low-income people in the financial sector and reach the rural areas. They have also forecasted that the adoption of bancassurance can increase the GDP of Bangladesh by 1%-3% in the next two or three years.

Chaliye thoda Insurance Sector ki news ko collate krte hain:   News 1: The Union Finance Ministry released a consultation paper proposing to raise the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100% (earlier it was increased from 49% to 74% in 2021)   News 2: Now Let’s go back to history…. Allianz (which is World No. 1 Insurance company) and Bajaj Finserv formed a partnership in 2001, where Allianz held a 26% stake in Bajaj Allianz General Insurance. Despite relaxed FDI limits, Allianz did not increase its stake due to a disagreement with its partners. Now Allianz plans to exit its joint venture with Bajaj Finserv but it remains committed to the Indian insurance market and there is speculation on whether it will tie up another partner or go alone. News 3: Jio Financial Services + Allianz = ???? While most business houses have already floated an insurance company, Jio Financial Services is planning to launch its insurance business and is in talks with Allianz to form a JV. News 4: LIC in talks to acquire 50% stake in ManipalCigna Health Insurance Company Ltd. marking its strategic entry into the Health Insurance sector. News 5: "I request through this forum that the other conglomerates and other big groups should enter into the insurance sector in India. It's a very exciting time for the insurance sector in India," - words of Insurance Regulatory and Development Authority of India chairman Debasish Panda. Itna padh lia aapne insurance sector ki news ke baare m… Don’t you think that the insurance sector is poised for significant growth in the coming years, considering the India's large population that requires insurance coverage 🚀. Ps: Not a recommendation to invest in the stocks of Insurance sector 😜 Source: The Economic Times, Business Standard. #news #analysis #insurancesector