PhonePe, the fintech giant, is disrupting the insurance industry with its brand new pre-approved term life insurance feature. This is going to change the game of financial inclusion by opening up life insurance to millions of Indians who were earlier out of the market.
No income proofs required! PhonePe’s AI underwriting magic identifies eligible users, so insurance is now open to merchants, gig workers, self employed and more. This is a direct attack on the insurance gap, targeting over 30 million people who were earlier excluded due to financial reasons.
With 550 million users and 40 million merchants, PhonePe is already a digital payments giant. Now it’s entering insurance and disrupting the entire ecosystem and millions of people. As it joins RBI’s digital currency pilot, it’s clear PhonePe is leading the fintech charge in India.
