Page 37 - Insurance Times May 2020

customer and companies are interacting with each other, a necessity after the pandemic impact on the insurance
5G is going to change the entire thing once again. While industry, for the companies to service their customers in a
many other industries have taken advantage of these better, faster and innovative methods. As of now we can't
technology innovations and built new revenue streams, most see what it can do to us but the WORLD IS CHANGING....
of the insurance companies are struggling to provide basic
digital services to their customers. Now the time has come References :
to embrace the technology and support the business https://www.moneycontrol.com/news/business/economy/buy-
processes. 5G technologies are going to streamline the term-insurance-now-as-rates-may-rise-from-april-1-
Internet of Things (IoT), especially for consumer usage. 4930921.html
http://www3.ambest.com/ratings/cr/crisk.aspx
The world is constantly changing, though some
"groundbreaking" innovations do little to change it. Then file:///C:/2020-21%20All/Research/
IRDAI%20English%20Annual%20Report%202018-19.pdf
something like 5G services come along and completely
change the foundation of how our world operates. 5G will https://www.insurancethoughtleadership.com/why-5g-will-rock-
change us, on a worldwide level. This technology becomes the-insurance-world/ T

PRESS RELEASE

PhonePe launches Domestic Trip

Insurance with ICICI Lombard as India

starts opening-up

W ith the lockdown ending and domestic ping out during the COVID-19 pandemic, this unique, all-in-

travel gradually starting across the coun-
one insurance product offers a comprehensive bouquet of
benefits that cover losses arising from trip cancellations,
try, PhonePe, India’s leading digital pay-
ments platform, today announced the
lost baggage and more. The product also caters to the
launch of a comprehensive, industry-first domestic multi- home burglary while travelling, missed connecting flights,
trip insurance cover in a strategic partnership with ICICI needs of customers who prefer buying domestic travel in-
Lombard, India’s largest non-life insurance company. This surance every time they book a ticket or a cab. With 365-
product exclusively available for PhonePe users, provides days protection at just INR 499, this is the most cost-effec-
one of the most affordable annual insurance covers for tive and hassle-free cover that cuts across all modes of
unlimited trips. transport.
This unique solution takes a leap forward from traditional
For air travellers specifically, there is a unique feature of
travel insurance removing the need to insure every trip
trip cancellation due to hospitalisation and up to INR 1,000
separately and will benefit both business and leisure trav-
ellers. The new launch enables a stress-free travel experi- payout for trip cancellation due to government lockdown.
In addition to this, it also provides cover against death or
ence for customers by covering risks associated with all
hospitalization due to an accident during the journey with
modes of travel within the country (road, rail and air within
a sum assured of INR 5 lakhs. PhonePe now offers custom-
the country) right from the time a customer leaves home
ers a complete travel insurance product portfolio with both
till the time he/she returns.
international and domestic travel insurance catering to the
For domestic travellers who may be worried about step- needs of all kinds of travellers.
The Insurance Times, May 2020 37