India's latest entrant to financial services, realme pay announced its strategic relationship with ICICI Lombard to enroll realme phone users, under the All Risk Insurance Policy underwritten by ICICI Lombard. realme pay, was launched in December 2019 as a full stack financial services platform and through this relationship will provide screen protection for realme phones.
The policy, administered as a group policy, can be taken from the realme pay mobile APP pure digitally and does not require any documentation. Insurance is available for phones upto 18 months old, in less than 5 minutes and for screen breakage once or twice a year. The premiums vary depending on phone model and age of the phone but general premiums start as low ? 250. This would be a unique proposition in the Indian financial services & mobile sector and should solve an important pain point for all customers - what if their screen breaks?
Speaking on the occasion, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance Company Limited said, "Joining hands with one of India's fastest growing smartphone brand is part of our vision to make insurance available to all Indians. realme pay provides us the perfect platform to offer disruptive, affordable and pure digital insurance products to major Indian cities but more importantly in Tier 2,3,4 cities where historically reach, education and servicing have been major roadblocks. The association with realme pay is exciting and a major step for us to equip the new age consumers of India and Bharat with relevant insurance solutions."
Commenting on the partnership, Madhav Sheth, CEO, realme India said, "realme pay echoes the brand ethos of 'Dare to Leap' and supports our vision to become a tech lifestyle brand providing a 360 ecosystem. Our customers work very hard to create assets that are valuable to them - phones, bikes, laptops, cars, homes, offices, shops and much more. When things go wrong, we want to make it easier for our customers to recover. We always aim to bring best solutions to our 12mn users and ICICI Lombard was a natural choice. We chose to associate with ICICI due to their ability to co-create digital products, offer services across India and track record of high claim settlement ratios."
Giving details of the strategy in 2020, Varun Sridhar, Lead, realme pay said, "We plan to provide co-created insurance solutions for both individuals and small businesses. We are actively studying the health, travel, shop and home insurance products and also talking to our customers across India asking them how realme pay could support them in insuring what's valuable to them. Our mission across our product lines remains to support meaningful financial inclusion across India and Bharat and getting insurance right is a key part of this mission. We are learning a lot with our beta release last month and will continue to bring disruption to the financial services market together with our strategic partners. We aim to insure 1mn Indians in the next 2 to 3 years."
realme pay and ICICI Lombard together plan to provide insurance solutions for both Individuals and SMEs with a clear objective to make insurance accessible, affordable and simple for all Indians.
Shares of ICICI Lombard General Insurance Company Ltd was last trading in BSE at Rs.1346.05 as compared to the previous close of Rs. 1355.4. The total number of shares traded during the day was 2359 in over 450 trades.
The stock hit an intraday high of Rs. 1365 and intraday low of 1341. The net turnover during the day was Rs. 3190752.