Wealth management platform Upstox on May 20 announced its entry into insurance distribution business to simplify wealth management in India.
“With this launch, the company aims to revolutionise India's insurance landscape by offering its users a simplified, transparent and customised experience of purchasing insurance in line with their needs,” the firm said in the statement.
The platform is offering term life insurance options for now and it will later expand into health, motor and travel policies. Upstox has partnered with HDFC Life, making it one of the first insurers to feature on the platform.
Currently, the insurance penetration in the country stands at 4.2 percent as most of the population is still dependent on agent-driven models. The company said it will try to cut gross mis-selling of insurance products and simplify the insurance process by using advanced technology and industry expertise.
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Upstox is a one-stop-shop for a wide range of financial products including stocks, IPOs, F&O, commodities, currencies among other instruments.
Reacting to the development, Kavitha Subramanian, co-founder, Upstox, said “With the launch of insurance on our platform, we will remain steadfast in our endeavour of helping our users manage their wealth effectively for a secure financial future. And to accomplish this, we’re delighted to have HDFC Life as our first insurance partners.”
“We aim to utilise our distribution and digital capabilities to extend our insurance solutions to their entire customer base and enhance the value of this partnership,” said Suresh Badami, deputy managing director, HDFC Life.
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