Neo-bank Freo has officially ventured into the insurance sector after securing a Corporate Agent licence from the Insurance Regulatory and Development Authority of India (IRDAI). With this licence, Freo will offer a range of specially curated insurance products to its 25 million registered users through partnerships with established insurance providers.
Kunal Varma, Co-founder and CEO of Freo explained that the move aligns with the company’s vision of creating a comprehensive financial platform for middle-income Indians. “Our entry into insurance is not just about filling a gap in our product suite. It’s about building long-term trust with our users and offering a holistic financial safety net,” Varma stated.
Freo’s new insurance offerings will include plans tailored to meet various needs, such as women’s health coverage, super top-ups for existing health policies, and protection against common diseases like malaria and dengue. Additionally, the platform will offer innovative solutions like cyber fraud protection and job loss insurance, with premiums starting as low as Rs 49 to ensure affordability.
By integrating the insurance purchasing process within its app, Freo aims to simplify the experience, addressing India’s low insurance penetration rates. “We’ve ensured that the products are easy to comprehend and avoid the complexities that make insurance unapproachable for many,” added Varma, emphasizing the company’s commitment to making insurance accessible and trustworthy. Freo’s long-term goal is to become a household name in financial services by 2047, offering user-friendly solutions across borrowing, saving, and now insurance.
