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MobiKwik launches an insurance product; targets 1.5M policies

MobiKwik has launched accidental insurance on its mobile website and app, and plans to  introduce general and life insurance products. The company will partner with insurance companies to launch more schemes, but did not mention a timeline for this. MobiKwik co-founder and CEO Upasana Taku said that it was targeting getting 1.5 million policies by the end of FY 2019.

In a statement, MobiKwik said that users can buy an insurance cover of Rs 1 lakh for Rs 20. The user will be suggested insurance schemes/products on the basis on their profile, analysis of data, and an AI algorithm.

MobiKwik currently claims to have 107 million users, 3 million listed merchants, and 140 billers.

Last week, MobiKwik let go of nearly 200 employees, shut down two offices and scaled back its retail business. The company has been diversifying into lending and other services for several months now. After MobiKwik downsized last week, a payments expert told MediaNama that ‘payments was never the money maker. The data that drove it was supposed to become a key asset in providing on-the-top services like lending and insurance.’

Financial services

Here are some of the financial products MobiKwik has launched in the last few months:

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  • Digital gold for sale in partnership with SafeGold, launched in October
  • Instant loans service ‘Boost’ launched in October
  • Acquired mutual funds platform Clearfunds for undisclosed amount, will invest $15 million in it
  • Launched credit card payments service in August
  • Launched instant loans service for upto Rs 5,000

In June, it had invested Rs 2 crore in data science firm Pivotchain Solutions to rollout lending products, and appointed Vinayak N to head the lending business.

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MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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