ICICI Lombard partners with Mobikwik to offer online fraud protection policy

ICICI Lombard, one of India’s leading private sector non-life insurance company in India, and Mobikwik, one of India’s largest digital financial services platform, announced a strategic partnership to provide cyber-insurance cover. The relationship aims to provide protection against unauthorized and fraudulent transactions online, across bank accounts, debit/credit cards and mobile wallets. The cyber-insurance can be availed digitally through the app at only Rs. 99/ month and with a sum insured of Rs.50,000.

Digital wallets aka e-wallets or mobile wallets, are in vogue currently given a growing population is going ‘cashless’. With the adoption of cashless transactions on the rise, it is but natural that the cyber threat landscape also magnifies. There are millions of transactions that take place every month on the MobiKwik wallet.

MobiKwik users can avail the Commercial Cyber Insurance policy underwritten by ICICI Lombard and enjoy the benefit of a stress-free and secured transaction for its users who opt for this cover. This strategic cyber insurance product has been intelligently designed to provide the users with 360 degree insured security of their multiple bank accounts, debit and credit cards and mobile wallets. MobiKwik users can enroll under this insurance product at the time of loading money into their wallet or in a standalone format, as per their wish. They can avail the cover digitally with an instant policy issuance. Additionally, the claims can be lodged digitally.

On the tie-up, Sanjeev Mantri, Executive Director, ICICI Lombard said, “We have always been ahead of the curve and introduced unique solutions at attractive price points. With the introduction of mobile wallets, transactions have become far more effective and convenient. But, these online transactions expose users to a new class of risks. Cyber-insurance thereby becomes imperative to provide customers protection against any kind of data security breach. This relationship with MobiKwik further strengthens ICICI Lombard’s endeavor to provide innovative and unique products against the new-age risks and cater to the needs of the customers of our business associates.”

Commenting on the launch, Upasana Taku, Co-founder and Director, MobiKwik said, “We have always been a trendsetter and launched innovative products in line with the customer requirements. We are the first mobile wallet company to avail cyber insurance for its customers. This product was the need of the hour in today’s digital era wherein a number of individuals prefer doing their financial transactions online. This is a category that has been untouched upon and is a promising one, with the rise in the adoption of digital payments, across cities and towns. We are committed to offering stress-free transactions not only on MobiKwik but also across all other banking and non-banking platforms, used by our customers. We have partnered with ICICI Lombard General Insurance for this product and are confident that this differentiated product will further enable more users to trust digital payments and will use them more actively, without any fear. We are committed to bring in many more innovative and affordable products to address the requirements of millions of Indians.”