India’s latest entrant to financial services, realme payसा announced its strategic relationship with ICICI Lombard to enroll realme phone users, under the All Risk Insurance Policy underwritten by ICICI Lombard. realme payसा, 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 payसा 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 payसा 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 payसा 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 payसा 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 payसा 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 payसा 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 payसा 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.
About ICICI Lombard General Insurance Company Ltd.
ICICI Lombard is one of the largest non-life private insurer in India based on gross direct premium income in fiscal 2019. We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. More details are available at www.icicilombard.com .
realme is a technology brand that specializes in providing high-quality smartphones with the best design and performance. The brand was officially established on May 4th, 2018 by its founder Sky Li and Madhav Sheth in India, together with a young team who have rich experience in the smartphone industry. realme is committed to offering powerful performance, stylish design, sincere services and exploring more possibilities of smartphones. realme has launched 17 smartphones, which includes realme 1, realme 2, realme 3, realme 2 Pro, realme 3 Pro, realme U1, realme C1, realme C2, realme 3i, realme X, realme 5 and realme 5 Pro, realme XT, realme 5s and ultimate flagship realme X2 Pro, realme X2 and the all new realme 5i. realme has also introduced smartphone accessories such as power banks, buds 2, realme buds wireless and an all new realme buds air.
As per both Counterpoint and IDC, realme has become the 4th largest smartphone brand in India since Q4 2018. CMR has claimed realme as No. 1 Quality Smartphone Brand in India with the lowest return rate and the highest customer satisfaction on reliability. For more information, log on to www.realme.com
About realme payसा
Incepted in 2019, realme payसा is the latest entrant to India’s financial services landscape. realme payसा aspires to bring about a meaningful change in the lives of its customers by making their access to financial services simpler, cheaper, and faster.
realme payसा will be pre-installed on all realme phones after completion of the beta phase and will also be available on Google Playstore immediately to other Android users. The platform aims to cater to both individual and SME customers. realme payसा plans to cover all financial needs of its customers across their life cycle with its 4 business lines – lending, payments, savings & protection. Within the next 2 years, realme payसा aims to manage 25mn financial services clients while growing the workforce to 1000 employees.
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