Truecaller Partners with HDFC ERGO to Launch Fraud Insurance

Bangalore, June 28, 2024: Truecaller, the world’s leading global communications platform, in collaboration with HDFC ERGO, India’s leading general insurance Company, is proud to announce the launch of Fraud Insurance, an initiative aimed at providing enhanced protection to consumers against digital communication frauds in India. 

A recent report by the Indian Cyber Crime Coordination Centre revealed that digital financial frauds accounted for a staggering INR 1.25 lakh crore over the last three years. With the rising cases of cyber fraud, this innovative insurance offering underscores Truecaller’s unwavering commitment to combating fraud and ensuring user protection through advanced app features – before, during and after mobile communication.

The Fraud Insurance product will provide coverage up to INR 10,000 to Android and iOS users across India. The product is available to yearly premium subscribers of Truecaller and all existing customers can avail this protection for free under their existing plan. To ensure a smooth and hassle-free experience for all users, the fraud coverage is seamlessly integrated into the Truecaller app, and is activated once the user opts in for the insurance option.

The insurance plan requires no additional paperwork and one can enable it instantly through the Truecaller app. The new offering will enhance user experience by providing all round protection from the time of receiving a call, during and after communication with the help of AI spam blocking, AI Assistant and call scanner and Fraud Insurance to complete the loop.

Speaking on the launch of Truecaller’s Fraud Insurance, Rishit Jhunjhunwala, Chief Product Officer and MD, India, Truecaller stated, “We’re thrilled to launch this innovative insurance offering as part of our ongoing commitment to providing comprehensive solutions that prioritize user security and trust. With the launch of Fraud Insurance, we’re not just introducing a feature; we’re reinforcing our dedication to safeguarding our community against the ever-evolving threats of digital fraud, and empowering them with the peace of mind they deserve in today’s complex digital landscape. As we continue to innovate and adapt to the changing landscape of digital communication, Truecaller remains steadfast in our promise to empower users with the tools they need to stay safe online.”

Vishal Sikand, Joint President, Commercial Lines, HDFC ERGO General Insurance, said, “The pandemic has accelerated the use of digital mobile payment in the country. While it brings convenience, it also leads to an increase in digital frauds in the country. We are delighted to partner with Truecaller as it underscores our commitment to leverage cutting-edge technology while offering customer-centric innovations. Our comprehensive insurance offering, coupled with Truecaller’s extensive user base will propel financial inclusion along with protection from digital communications fraud in the country.”

The launch of Fraud Insurance further solidifies Truecaller’s commitment to introducing products that offer comprehensive fraud protection solutions, thereby safeguarding digital experiences effectively.

About Truecaller

We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies, especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for over 400 million active users, with more than a billion downloads since launch and close to 46 billion unwanted calls identified and blocked in 2023. Headquartered in Stockholm since 2009, we are a co-founder-led, entrepreneurial company, with a highly experienced management team.

Truecaller has been listed on Nasdaq Stockholm since October, 2021. Visit www.truecaller.com for more information. For media enquiries, please contact press@truecaller.com.

About HDFC ERGO

HDFC ERGO General Insurance Company Limited was promoted by erstwhile Housing Development Finance Corporation Ltd. (HDFC), India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. Consequent to the implementation of the Scheme of Amalgamation of HDFC with and into HDFC Bank Limited (Bank), one of India’s leading private sector banks, the Company has become a subsidiary of the Bank. HDFC ERGO is one of India’s leading non-life insurance companies in the private sector. A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer customers the best-in-class service experience. The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), and Robotics. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~94% of retail policies issued digitally. HDFC ERGO’s technology platform has empowered the customers to avail 75% of the services digitally on a 24×7 basis with ~16% of the customer requests serviced by Artificial Intelligence-based tools. The Company has one of the best claims payout ratios in the General Insurance industry The Company offers a complete range of General Insurance products including Health, Motor, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space. Be it unique insurance products, integrated customer service models, top-in-class claim processes or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time. 

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