CRED Forays Into Insurance Vertical

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 the development first.

The company’s spokesperson told Inc42 in a statement, “We are offering insurance from our partners to CRED members via CRED garage, with benefits such as credit score discount, reminders to check challans, PUCC, and more. There is a significant overlap between credit card users and car owners in India, and just like we enabled them to manage multiple cards easily. CRED garage is a platform for them to manage multiple responsibilities with regard to their vehicles.”

The Bengaluru-based fintech company 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 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, 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 to customers.

Furthermore, the company also launched a new offering called to allow users in making repayment of credit card outstanding amounts on time.

Updated at 11:25 AM

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