Aiming to simplify wealth management in India
- Company health starting with term life insurance, will further expand its offerings in motor and travel insurance
- HDFC Life is one of the first insurance companies to partner with Upstocks and be featured on the platform.
Mumbai, May 23, 2024 – Upstox, one of India's leading wealth management platforms, today announced its entry into the insurance distribution business. While Upstox is traditionally known for its offerings in stocks, F&Os and mutual funds, its foray into insurance marks a significant attempt to emerge as a comprehensive wealth-building platform. Today Upstox is a one-stop-shop for a wide variety of financial instruments including stocks, IPOs, F&Ds, commodities, currencies, fixed deposits, PTUP lending, government bonds, T-bills, NCDs, gold, insurance.
With this launch the company aims to revolutionize the insurance sector in India by providing its users with a simple, transparent and customized experience of buying insurance as per their needs. Upstox currently offers term life insurance on its platform and plans to launch health, motor and travel insurance soon. HDFC Life is one of the first insurance companies to partner with Upstox and introduce its term insurance plans on the platform.
Currently, insurance take-up in India is only 4.2 percent and a significant number of people still depend on traditional and agent-driven models to purchase policies. Along with this, the process of buying insurance is accompanied by lack of awareness, too many choices, massive paperwork and complex processes to go through.
Through its research, Upstocks found that users often fall victim to a one-size-fits-all approach and choose term insurance plans without proper assessment. Thus Upstox has set out to address the mis-selling of insurance products and has embarked on an ambitious task of streamlining Life, Health, Motor, Travel Insurance for its customers.
By leveraging the latest technology and industry expertise, Upstox aims to simplify the insurance process i.e. from identifying the top plans in each category to buying insurance and finally the claims process.
Upstocks is also trying to encourage young Indians to start thinking about taking insurance early as it effectively helps reduce their premium costs. To make the journey of its customers easier and more intuitive, the company has provided more flexibility for the customers by tying up with the top insurance companies of the country and analyzing various plans to offer the most suitable option to their customers.
Upstocks then helps guide customers to the most suitable plan by guiding them through targeted questions. Additionally, the cover amount calculator feature enables users to accurately assess their insurance needs and enables them to decide on the best coverage amount.
Kavita Subramanya, co-founder of Upstocks informed, “We are thrilled to expand our offerings at Upstocks and enter the insurance distribution segment. We believe that moving forward in the insurance sector is a daunting task. Consumers are surrounded by many questions like which plan is good, what should be the right criteria for choosing a plan, how much insurance cover will be sufficient. At Upstocks we understand these challenges and are committed to helping customers find answers to all these questions in a way that does not confuse them.
Our aim is to take the consumers out of these confusions and help Indians make the right investment. We are constantly working to make our platform simple, secure, fast and intuitive. With the launch of insurance on our platform, we will remain steadfast in our endeavor to help our users effectively manage their wealth for a secure financial future. We are delighted to welcome HDFC Life as our first insurance partner to achieve this objective.”
Commenting on this collaboration HDFC Life Deputy Managing Director Suresh Badami(HDFC Life Deputy Managing Director Suresh Badami) said that, “We are delighted to announce our partnership with Upstocks. This partnership marks another step towards realizing India's goal of 'Insurance for All' by 2047. We aim to leverage our distribution and digital capabilities to provide insurance solutions to their entire customer base and maximize the value of this partnership.”
Also, the insurance offering on Upstocks is very transparent. Upstox aims to educate the user with upfront insights on claim settlement ratio for 1 and 3 years, volume of complaints, amount settlement ratio, solvency ratio (below 1.7 is considered risky), plan features, inclusions/exclusions and settlement timeline. or what they are buying. Upstox now has a user base of over 1.3 crores and continuously strives to help users overcome market hurdles and make the right investments.
