According to reports, after payments and lending, fintech unicorn Cred has ventured into distributing insurance products, beginning with motor insurance.

“Cred uses its fleet management platform, Cred Garage, to market its insurance products to users, offering additional discounts based on credit score to make the products more attractive,” says Akshay Aidullah, head of Product and Growth, Cred.

Garage is a platform that allows credo users to track their vehicle usage, outstanding traffic tickets, insurance and pollution renewal dates, etc. They can also get assistance in case of road breakdowns. Vehicle management is free, but Credo seeks to generate revenue from this product through commissions from insurance companies.

The platform, launched last September, has about 7 million registered vehicles and 4.4 million users, some of whom own multiple vehicles.

The overall credo has 13 million monthly users, of which about 11 million are actively trading.

“At Cred, our basic philosophy is to reward good behavior, hence we have worked with three insurance companies to co-create an insurance product which offers additional discounts on the insurance premium to customers with good credit scores,” says Akshay.

The company, which holds a corporate agency license from the Insurance Regulatory and Development Authority (IRDAI), works with Zurich Kotak General Insurance, Go Digit General Insurance, and ICICI Lombard to offer these products to its clients.

A corporate agent is an insurance agent that can deal with nine insurance companies. To deal with more than nine insurance companies, an insurance broker license is required.

“We are working with a few more insurance companies and will increase this partnership even more, currently; we have approval for this product from the IRDAI,” says Akshay.