Swedish caller identification app Truecaller has joined forces with HDFC ERGO Truecaller to offer an insurance product aimed at protecting subscribers in India from digital communication frauds.
Called Truecaller Fraud Insurance, the new offering is available across both iOS and Android operating systems.
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Truecaller, which has a user base of 285 million in India, aims to protect its users from online fraud and scams with the new product.
When a user activates their coverage using the mobile application, they will receive initial coverage of up to Rs10,000 ($120).
Truecaller said its premium customers are eligible for the fraud insurance product, while those who are not can opt to upgrade to a higher plan to access it.
The coverage will be provided at no cost to current customers of certain plans. By turning on Truecaller Family, subscribers can increase coverage for all of their plan’s members.
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By GlobalDataCurrently, Truecaller claims to have more than one million premium subscribers in India.
According to a new study from the Indian Cyber Crime Coordination Centre, during the last three years, digital financial scams have taken in Rs1.25bn.
Truecaller CEO Alan Mamedi said: “Despite offering the world’s best caller identification and fraud protection services, some of our users unfortunately can become victims of criminal fraud. We want to be able to offer peace of mind by protecting our users before, during and after an interaction. Recently, we launched our AI Call Scanner to protect against deep fake voices and today we are taking one more step.
“A large degree of online fraud is initiated over phone calls and messages and the majority of them concern relatively modest amounts in India. We know how hard it is to reclaim any losses and by launching an insurance product we hope to remove stigmas and lower the barriers on how to get restitution. We will start to offer this service in our largest market, India, but the ambition is to launch the insurance solution in more markets across our regions.”
In other news from Indian insurance industry, last week Zurich completed the acquisition of a 70% stake in India’s Kotak Mahindra General Insurance Company in a deal valued at Rs55.6bn.
