Toffee Insurance, a Gurgaon-based insurtech, has partnered with fintech app true balance.
Four insurance policies from Toffee, Mosquito Insurance, Daily Commute Insurance, Biker Insurance, and Daily Cash Plan, will now be available on the true balance app.
The partnership hopes to offer swift and easy access to micro-insurance policies to true balance users. In addition, the four products are customised and already available to Toffee customers.
“We are happy to partner with Toffee Insurance to come up with new insurance policies starting at just Rs. 118 that can be availed by rural India. Our foray into the insurance category is aligned with our vision to bring a transformation in the current financial landscape and provide financial inclusion to the next billion in India,” said Charlie Lee, founder of true balance.
“We are delighted with the opportunity of partnering with a ‘One Stop Payment’ smart app like true balance that considers serving the needs of the massive Tier 2 and Tier 3 Indian population. We aim to wrap the entire selling-to-claims experience in a brilliant end-to-end product-like journey, rather than insurance-like and this association is a nudge in the right direction,” said Rohan Kumar, CEO and co-founder of Toffee Insurance.
true balance is operated by Balancehero India Private Limited, a subsidiary of Balancehero Co. Furthermore, it reports three lakh (300,000) daily and wants to ensure financial freedom to primarily unbanked segments.
At the end of 2018, Toffee partnered with Wildcraft for backpack insurance.
The insurance plans offers coverage for loss and robbery of backpack for up to six months. The plan has zero depreciation charges at the time of purchase and can be extended for a further six months.
The insurance plan will be offered to customers if they buy any Wildcraft backpack worth INR1,299 ($18) or more from any of the 145 authorised Wildcraft branded outlets across India.