Digital financial services firm MobiKwik on Wednesday announced the launch of digital insurance service on its mobile app, with target to sell 15 lakh policies by March.

"We understand that complexity of the product, high premiums and standardised products irrespective of customer profile or needs are key deterrents to the adoption of insurance and hence, we will be co-creating products that offer high value coverage at low premium. We are targeting 1.5 million policies by the end of the current financial year," MobiKwik co-founder and director Upasana Taku said in a statement.

The company counts this as third big launch in the financial services domain on its platform. The company is in expansion mode and targets a four-fold growth in the current financial year.

It also claimed that its customers can buy insurance in less than 10 seconds

"The insurance penetration in India is close to 3% of the GDP and there is a huge potential ready to be tapped, more so with the exponential increase in the adoption of smartphones and penetration of the internet. We aim to cater to over 150 million mass and emerging affluent customers through our product range," Taku said.

First Published:Nov 22, 2018 5:30 AM IST