Indian Fintech company, Cred is now diversifying its financial services portfolio by venturing into motor insurance. The startup intends to pitch motor insurance products to its users through its vehicle management platform, Cred Garage. Depending on credit scores, users will enjoy additional discounts as disclosed by Cred Product Head, Akshay Aedula.
Cred Garage platform
Incidentally, Garage is a platform where Cred users can track their vehicle spending along with pending traffic ‘challans’, and insurance and pollution renewal dates. Moreover, users also get assistance in case of roadside breakdowns. Now Cred is looking to generate revenue from motor insurance products through commissions from insurance companies.
Cred Garage has around 7 million registered vehicles and 4.4 million users, some even with multiple vehicles in their name. It was launched in September last year. Among 13 million monthly users, around 11 million are active ones.
“At Cred, our basic philosophy is to reward good behaviour, hence we have worked with three insurance companies to co-create an insurance product which offers additional discounts on the insurance premium to customers with good credit scores,” Aedulia stated. [Source: Economic Times]
Kunal Shah’s fintech startup entered the unicorn circle three years back after a Series D funding round. Currently, it has obtained a corporate agency license from the Insurance Regulatory and Development Authority (IRDAI), working with Zurich Kotak General Insurance, Go Digit General Insurance, and ICICI Lombard to offer these products to its customers.
“We are working with a few more insurance companies and will increase this partnership even more,” Aedulia said. “Currently, we have approval for this product from the IRDAI.”
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