With its latest launch of Know Your Card tool, BimaPe claims to have onboarded 1,350 users in the span of one week, with 25-30 users signing up on a daily basis
The Mumbai-based insurtech startup is looking to surface card-linked insurance products and ease claims for these
BimaPe has utilised close to INR 5.4 Lakh to develop its products and says it is already in talks with other investors for further funding
Debit and credit cards have made our lives easier by a magnitude. We no longer have to stand outside banks to withdraw cash, nor do we need to leave the comfort of our homes to buy anything we want, thanks to ‘plastic money’. And over time, cards themselves have become much more than credit instruments and are tied to aspirational needs as well. But yet, most consumers are not even aware of the hidden features of a card product. “In my opinion, no one is advising them not to buy travel insurance because their cards already cover it,” said Mathur.“Nothing has really changed in the insurance space in the past two decades. We have moved away from physical brokers only to make endless calls to someone else (for information, decision-making or claim settlement). And quite often, the bulk of the problem lies in how you make the products/services available to users. That is what we are going after.”“Despite the traction, we are not going to generate any revenue for months or even for years,” admitted Mathur.
Like free insurance cover. Most consumers may not be aware of the fact that cards free medical insurance up to INR 50 lakh when travelling or that it also provides device protection worth INR 1 Lakh or even flight accident cover of INR 3 Cr. For instance, SBI VISA Signature or Mastercard Debit Cards offers INR 10 lakh for personal accident insurance and purchase protection cover up to INR 2 Lakh. Similarly, HDFC’s Platinum Debit Card provides INR 5 lakh for accidental cover as well as other benefits.