Bimaplan partners with Credit Wise Capital to provide easy insurance with two-wheel loans

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2021-12-10

– The partnership will combine insurance and loan services under one roof for smart financing solutions

Mumbai, India, December 10, 2021 / PRNewswire / – In an effort to provide affordable insurance to underserved communities, Bimaplan, an affordable insurance platform, has partnered with Credit Wise Capital (CWC), a consumer credit NBFC, for easy insurance on two-wheeler loans. This collaboration brings together loan and insurance services under one roof, ensuring hassle-free, all-inclusive financing for borrowers. Through this collaboration, Bimaplan hopes to advance its goal of penetrating insurance among segments of society that have traditionally been overlooked by formal financial institutions.

Bimaplan distributes its insurance via a robust “phygital” model allowing accessibility to both tech-savvy and “brick and mortar” consumers. To avoid policy lapses, it also offers affordable policy premiums. Bridging the inconsistencies in the ecosystem, Bimaplan will focus more of its efforts on increasing features such as automated payment reminders and direct debit payment options.

Commenting on the partnership, Yogesh gupta, CBO, Bimaplan, said: “Success is never a coincidence, it is the result of two like-minded partners working together. Our partnership has two main functions – marketing and innovation and our business is not B2B or B2C is H2H (Human to human).

At Bimaplan, we understand that accidents are unforeseen and that these life uncertainties can push underrepresented communities into an abyss of economic deprivation. Without insurance, these families remain vulnerable in the event of an unfortunate incident. Our effort has been to democratize insurance through affordable products. We want to provide them with financial security, especially when they need it most.

Since two-wheelers are the vehicle of choice for families from various socio-economic groups, this partnership will allow us to serve several communities. At the same time, we hope to expand our share in the world’s largest mobility market through well-planned and easy-to-access insurance plans.

We want to cover larger geographic areas and we are committed to exploiting at least 50,000 customers of our partner by 2023. ”

Aalesh Avlani, Co-Founder, Credit Wise Capital said, “A new era of financial technology requires a new era of insurance technology and not a legacy business to meet today’s needs. India. Customers need speed of execution, and by teaming up with someone who shares the same philosophy, we were able to quickly strategize and deploy it. ”

With more than 50% of two-wheeler buyers taking the online route to find dealers, Bimaplan hopes to reach this digitally savvy consumer. It will also strengthen its position in Tier 2 and Tier 3 cities which today represent a growing number of digital shoppers. In rural areas or for people who are not comfortable with technology, a representative or agent of the company will help consumers make an informed decision on their options according to their convenience.

About Bimaplan:

Bimaplan is an affordable insurance platform for Indians. The company’s vision is to provide financial security to 150 million underserved Indian households through relevant insurance products. Bimaplan works with insurers to co-create personalized products for the low to middle income segment. Bimaplan is building a comprehensive insurance platform, from underwriting to distribution, including customer engagement and loyalty. Bimaplan has launched its boxed insurance product which enables its partners to sell integrated insurance products to their clients in a transparent manner.

https://bimaplan.co/

About Credit Wise Capital

Credit Wise Capital is a digital lending platform that aims to disrupt the two-wheeler finance market. They were incorporated in early 2019 and have now become india fastest growing two-wheeler loan company. They are building a sturdy platform that offers customers seamless and fast loans for two-wheelers. They are currently providing two-wheeler loans in more than 30 towns pan India, while being completely less connected.

https://creditwisecapital.com/


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