Page 7 - Insurance Times July 2019

Rain-hit matches to cost Now, get insurance for your phone screen against damage
Non-life company Go Digit General Insurance has introduced a policy for used
insurers millions
mobile phones that will compensate the user in
Lost revenues from rain-hit cricket
case there is any screen damage. This low-value
World Cup cover has been made feasible by a software that
games in helps the company to remotely assess the condi-
E n g l a n d tion of the phone - both for underwriting and
and Wales claim settlement.
may cause
The software is similar to what is being used by e-commerce companies in
in insurance claims of a few million
evaluating used phones offered under their exchange scheme. However, it only
pounds for each abandoned fixture,
checks the phone for the working of the screen. Digit Insurance chairman
says sources.
Kamesh Goyal said, "The intention behind launching the product was to reach
Organizers, advertising sponsors, out to young customers who are not aware of insurance."
broadcasters, venues and catering
The software will detect the phone's make, model and IMEI number in min-
establishments are among firms to
utes. Digit has been offering the policy for new phones on e-commerce sites,
have missed out after four matches
but has now decided to extend this to used phones as well. "Many customers
got cancelled due to rain. do not think of protection at the time of buying the phone. Also, the used phone
Except for the semi-finals and final, market is a large one in India," said the company's marketing head, Vivek
there is no opportunity to resched- Chaturvedi. According to Chaturvedi, the insurance cover would cost around Rs
ule the matches due to the hectic 1,700 for a mobile phone screen that costs Rs 12,000 to replace. The customer
nature of the tournament, which will be given a cash benefit of Rs 12,000 in case of screen breakage and he can
use the money to replace the screen in any outlet or part-fund a new purchase.
features 48 one-day matches be-
tween May and July. "People buy mobile phones because they are sleek and for the screen resolu-
tion. But they have to compromise on this by adding a cover and a screen guard.
Companies generally buy contin-
With an insurance protection, they can use the phone the way it was designed,"
gency, or cancellation, insurance for
said Chaturvedi.
sporting events, which covers every-
thing from rain stopping play to ter-
IDBI Bank, TATA AIG in bancassurance agreement
ror attacks. The football World Cup
With TATA AIG, IDBI Bank Ltd. has entered into a Bancassurance Corporate
in Russia in 2018 was insured for
Agency agreement to provide TATA AIG's suite of general insurance products
more than $10 billion, inclusive of
which have been specially designed to mitigate a large array of risks and offer
cover for property damage and
financial protection against unforeseen eventualities to the Bank's 20 million
cyber breaches, as well as cancella-
customer base, over its more than 1,850 branches.
tion. Insurers say cover for the less-
Mr Rakesh Sharma MD & CEO, IDBI Bank said, "With evolving customer needs
popular cricket equivalent will be
and expectations, we are looking forward to this strategic partnership to
much lower.
strengthen the product proposition for our customers and offer them a one-
Star India is likely to have lost at
stop access to an array of best-in-class general insurance products and exem-
least 1 million pounds ($1.26 mil-
plary service levels that TATA AIG are known for in the market. It would also
lion) for each cancelled match, insur-
help deepen the awareness and understanding of our customers about the
ance specialists estimate, as it gains essential risk mitigation needs of general insurance covers, for themselves, their
huge advertising revenue in India. families, their properties, assets or businesses."
"There are 123 advertising spots for Mr Neelesh Garg, MD & CEO, TATA AIG General Insurance Company Limited,
broadcasters in a World Cup match, has remarked, "IDBI's wide reach across the country presents great opportuni-
after each of the 100 overs and 20 ties for us to extend our insurance solutions to customers in untapped,
wickets and during refreshment underinsured markets. With a strong network of alliances in the banking eco-
breaks," said Jonathan Ticehurst, a system already in place, we are confident that IDBI's customer centricity and
director at Lloyd's of London insur- extensive reach will complement our capabilities in innovative product place-
ance broker Bishopsgate. ments and industry best claims servicing to enhance the overall value offering
for the Bank's customers."
The Insurance Times, July 2019 7