Bangalore, 21 Oct 2024 – Freo, India’s leading digital finance app, has secured the Corporate Agent license from India’s Insurance Regulatory and Development Authority (IRDAI). This milestone allows Freo to offer its 25 Million registered users a range of curated insurance products in partnership with top insurance providers.
With its new license, Freo is expanding to include insurance products alongside its existing services like UPI, loans, savings, etc. Following its profitability milestone, this move strengthens Freo’s position as a one-stop solution, offering customers a complete suite of digital financial products.
From Underinsured to Fully Covered: Vision 2047
The insurance penetration in India stands at around 4.2%, compared to the global average of 7%, showing that a large part of the population remains uninsured or underinsured.
This gap is partly due to the mass perception that insurance is complex and only necessary for health or life coverage. Adding to this, most consumers are unaware of or do not see the need for insurance products, viewing them as an extra expense rather than essential protection.
The industry also suffers from a lack of personalized options coupled with a lot of mis-selling and low trust, which further discourages people from exploring insurance as a viable safety net.
However, with the push & collaborative stance between industry & the regulator’s vision of ‘Insurance For All By 2047’, India’s insurance sector is projected to grow at an average rate of 7% in the next few years (three times the global growth rate).
Unique Yet Affordable: Freo’s Insurance for Every Need
Freo is introducing a diverse range of affordable and easy-to-understand insurance products, specifically tailored for its 25M+ users across 1200+ cities. These offerings are designed to mitigate the financial risks that users face in their daily lives.
The insurance covers are designed to meet various needs, including specialized plans for women’s health, top-up options on existing health policies to ease financial burdens and coverage for common diseases like malaria and dengue.
Freo also plans to offer protection against cyber fraud, job loss, and more—all crafted to provide extensive coverage without burning a hole in the pocket.
“At Freo, we believe insurance should be simple, trustworthy and within everyone’s reach. We’re committed to offering a seamless experience through a fully integrated digital platform aimed at delivering more value to Freo customers.”– Kunal Varma, Co-founder & CEO, Freo
About Freo
Freo stands out in India’s financial market, addressing the complete financial needs of Indians empowering them to ‘pay, save, borrow, insure & invest.’
The platform offers a range of financial products including flexible credit, credit cards, UPI, investment & savings solutions and insurance all accessible via an intuitive mobile app to Indians across 1200 cities and 19,000 pin codes.
Disclaimer:- This story has not been edited by SugerMint staff and provided by the agency. SugerMint will not be responsible in any way for the content of this story.
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