Cred enters insurance via Garage platform

Cred enters insurance via Garage platform

05 Nov 2024, 02:45 PM

The fintech is reportedly working with three insurance companies to co-create an insurance product.

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Cred is launching insurance products, starting with motor insurance, through its vehicle management platform Cred Garage.

The fintech is reportedly working with three insurance companies to co-create an insurance product. It will offer insurance to its members with benefits such as offering additional discounts based on their credit scores, reminders to check challans, PUCC, etc, according to an Economic Times report.

The Kunal Shah-founded company launched garage last year in September, to serve their members’ vehicle-related needs such as allowing users to monitor vehicle expenses, track traffic fines, and manage insurance and pollution renewal dates. The platform integrates with DigiLocker, enabling users to access documents like driver’s licences, registration certificates and insurance papers.

Cred garage claims to have over 4.2 million vehicles parked on its platform in FY24.

In July this year, the Bengaluru-based company launched Cred Money, 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. It also partnered with non-banking financial company (NBFC) L&T Finance to offer unsecured personal loans to customers. In addition, Cred Guarantee was launched to allow users make repayment of credit card outstanding amounts on time.

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