CRED launched its own insurance products via garage with motor insurance for its users
The company has worked with three insurance companies to co-create an insurance product to offer additional discounts on the insurance premium to customers with good credit scores
Recently, the fintech unicorn launched CRED Money and CRED Guarantee, while it also partnered with L&T Finance to offer unsecured personal loans to customers
Continuing its new offerings roll out, Kunal Shah-led fintech unicorn Cred
has now launched its own insurance products through its vehicle management platform CRED garage.
The new offering includes motor insurance, where users will be offered additional discounts based on their credit scores, ET reported, citing Akshay Aedulia, head of product and growth at CRED.
Inc42 has reached out to Aedulia for comments on the development. The story will be updated based on the response.
“At CRED, our basic philosophy is to reward good behaviour, hence we have worked with three insurance companies to co-create an insurance product which offers additional discounts on the insurance premium to customers with good credit scores,” Aedulia was quoted as saying in the report.
The Bengaluru-based fintech company launched garage in September 2023, to serve their members’ vehicle-related needs. The platform also features a DigiLocker integration, enabling users to access documents like driver’s licences, registration certificates and insurance papers.
CRED garage gained traction with over 4.2 Mn vehicles parked on the platform in the financial year 2023-24 (FY24). Meanwhile, benefitting from the impact of the new offerings, CRED saw its monetised customer base grow 58% in FY24.
Shah then said that CRED is working on plans to launch a number of new products this year and the next year, which will help it further monetise its user base.
This development comes after the company rolled out a few new products in the past few months before Shah announced the company’s plans of new offerings.
For instance, CRED Money was rolled out in July, enabling its users to have a unified view of all their bank account balances, reminders for recurring payments beyond credit card transactions and a tool to analyse spends.
Additionally, CRED partnered with non-banking financial company (NBFC) L&T Finance to offer unsecured personal loans to customers.
Furthermore, the company also launched a new offering called CRED Guarantee to allow users in making repayment of credit card outstanding amounts on time.
