Travel insurance customers going mobile

Walmart-owned digital payment company PhonePe says that travellers are increasingly buying travel insurance via the mobile.

Mr Gunjan Ghai, Head of Insurance, PhonePe, told IBS Intelligence in an interview, “We found out that within insurance products, the adoption of online media in travel insurance is already quite high. Customers buying travel insurance on their own is becoming the usual practice.” He added that 70% of travel bookings are happening online, and travel insurance is moving to mobile.

He said that the Bengaluru-based company has been working to simplify financial products and drive access to such solutions for customers. The company has moved into the mutual fund segment. Insurance was seen as a natural next step.

He added that PhonePe has a pool of over 200m users spread across Tier 2, 3 cities and beyond.

Outlining the company's operations, he said, “Our top destinations from the perspective of customers buying travel insurance are from the Asian region, mainly Thailand and Singapore. We also see that 10%-12% of our sales are from the Gulf region. However, owing to the coronavirus scare, we see these numbers dipping and sales for other areas picking up.”

Source: Asia Insurance Review