CRED, a fintech company, has expanded its motor insurance offerings on its CRED Garage platform by partnering with three new insurance providers: Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This brings the total number of insurance providers on the platform to seven, including existing partners ACKO, ICICI Lombard, Zurich Kotak, and Digit. CRED Garage offers a range of services, including premium comparison, policy renewal reminders, digital claims initiation, and dedicated concierge support.
The platform has facilitated insurance coverage for over 10 lakh vehicles without any coverage lapses to date and currently manages 1.1 crore vehicles. One of the unique features of CRED Garage is its dynamic pricing model, which offers better premium rates to members with higher credit scores. This model leverages creditworthiness as an indicator of responsible behavior, with the assumption that individuals with good credit scores are more likely to be responsible drivers.
The partnership with the new insurance providers is expected to help CRED reach a wider audience, particularly tech-savvy individuals. According to Dr. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, there is a correlation between good credit scores and responsible driving behavior. Saurabh Maini from TATA AIG highlighted the importance of the partnership in reaching affluent and tech-savvy audiences, while Lipika Kalra from United India Insurance described the collaboration as a milestone in the company’s digital transformation journey.
CRED serves over 1.5 crore affluent Indians and restricts access to individuals with high credit scores. In addition to insurance services, CRED Garage offers comprehensive vehicle management services, including challan discovery, pollution certificate renewal, FASTag services, and vehicle valuation. With its expanded partnerships and range of services, CRED Garage is positioned to become a leading platform for vehicle owners in India. The platform’s focus on using credit scores to determine premium rates is also expected to promote responsible financial behavior among its members.