Turkish fintech branches out into insurance products with mobile and pet insurance debut.
Papara, whose multifunctional financial app has taken it to the top of the Turkish fintech market, is expanding its operations with a new set of insurance products.
This first launch includes Papara pet and mobile insurance, now available to its users in Turkey.
The fintechs app supports the modular insurance products, and the interface allows customers to either access customer support or make a claim.
Policies incur cashback of up to five per cent and can be processed via either a Papara account or credit card.
Papara pet insurance
Anadolu Sigorta, one of Turkey’s largest insurance companies, is the underwriter for the Papara pet insurance offering. It includes cover for pet health, harm to third parties, examination and treatment.
Accepted by all veterinarians across Turkey, policies run on a pet-by-pet basis, with additional services available. These include annual veterinary examinations, discounts on microchip kits, nail clipping and eye-ear cleaning.
Papara mobile cover
Papara’s mobile insurance coverage is achieved through its partnership with the insurance company Axa Sigorta.
The cover includes a screen repair package and cover against theft, liquid contact and use of faulty accessories.
In line with the fintech’s cashback programme, users will be able to earn five per cent cashback by purchasing Papara mobile insurance.
Papara branches out
This is the first expansion of Papara’s product suite outside of its core banking and money management products since launching six years ago. It subsequently became cash flow position a year after its 2016 launch and was registering multimillion-dollar profits by 2019.
During this time, Papara also worked to acquire e-money licenses from Turkey and EU regulators while being on track to maintain 50 million consumers next year. With the help of the aforementioned insurance offerings, these licenses will enable the fintech to expand both its product suite and market footprint within the European region.
Its products also extend to mass payment for businesses, including a corporate card supporting spending pattern controls and secure merchant checkout.
Agreeing with this, Papara’s head of insurance, Emre Güngör, explains how its current product suite is able to react to customer demand.
“Our existing offering means we know intimately what our users need and want, and now more than ever, that’s quick access to fair and flexible financial services across the board,” he says.
“As with our existing products,” continues Güngör, “our users will now have accessible insurance, something not provided by incumbent insurers.”
Speaking on the fintech’s wider vision, Emre Kenci, Papara’s CEO, cites a financial services ecosystem that is “fair for all.”
“Our insurance product is the next step in making that ambition a reality,” he comments, before adding, “the market opportunity for insurtech in Turkey is huge, and marks the next step in our mission to become one of Europe’s leading financial super apps.”