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BankBazaar Eyes Insurance Expansion
22 Sep
Summary
- BankBazaar plans strategic partnerships in insurance sector.
- CreditStrong paid product exceeds 100,000 subscribers.
- Gold loans show strong growth potential in Indian households.
BankBazaar, a prominent fintech platform based in Chennai, is considering strategic partnerships to venture into the insurance market. Currently, the company's primary focus has been on credit-related offerings, but it recognizes the potential for allied products such as insurance and mutual funds to serve its extensive user base of over 75 million.
The fintech is also keen on increasing subscribers for its paid credit score product, CreditStrong. Launched less than a year ago, this product has already attracted over 100,000 users. CreditStrong offers features like credit score impact simulations and EMI reminders for a monthly fee of ₹99.
In addition to insurance and credit score services, BankBazaar has observed positive initial traction in personal and gold loans. Their strategic partnership with Muthoot FinCorp for digital-first gold loans aims for same-day disbursal. BankBazaar anticipates that gold loans will remain a rapidly growing segment, fueled by significant household gold reserves in India.
