Page 22 - Insurance Times October 2020

pandemic, there is no better time to Preserving biodiversity is a key element community engagement activities will
engage with prospective customers.” of AXA’s corporate responsibility strat- have a long-lasting impact on this ur-
egy. AXA XL will play its part in deliver- ban forest.”
COVID-19 recession will ing on this through this project, by
helping to develop and monitor the COVID-19 will accelerate
boost price comparison land with the Give Me Trees Trust and popularity of car-sharing
sales also by assisting with fundraising for schemes
Price comparison websites (PCWs) will raw materials like seeds, soil and gar-
become even more popular in insur- dening equipment. COVID-19 lockdowns and an increase
in working from home worldwide has
ance as consumers look for savings Project Aranya, which launched in limited the need to own private ve-
wherever possible as the UK economy April, has already facilitated the plant- hicles, which will cause more consum-
officially enters recession, according to ing of 5,000 trees, with socially-dis- ers to consider new models of vehicle
GlobalData, a leading data and tanced site visits for AXA XL employees ownership, says GlobalData, a leading
analytics company. planned in the coming weeks. A key data and analytics company. This has
PCWs are very popular among UK con- aim of the project is to engage the lo- implications for the insurance industry.
sumers when purchasing insurance. cal community and increase awareness As more people turn to car-sharing
GlobalData’s 2019 UK Insurance Con- of sustainability, therefore the charity schemes for their transportation
sumer Survey found that 31.3% of will be hosting several webinars which needs, this will reduce the number of
motor insurance sales are directed will be open to the public. private motor insurance policies in
through a PCW. Furthermore, PCWs “Delhi has a significant issue with air force. In their place, insurers will need
account for 26.7% of home insurance pollution and unsanitary water and this to provide short-term policies for driv-
sales and 22.3% of pet insurance sales. initiative will help to keep ecosystems ers using these services.
While the direct channel is still the healthy, creating a protected space GlobalData insurance analyst, Yasha
most popular across these three lines where nature can thrive,” says Derek Kuruvilla, commented: “The propor-
of business, PCWs will gain ground as Nazareth, Head of Global Operations tion of consumers using car-sharing
consumers seek the best deals for a and Country Head, AXA XL in India. schemes has been low over the past
given insurance product. “Conservation and sustainable develop- few years. In 2019, 5.9% of UK consum-
ment strategies are integral in preserv- ers used a car-sharing scheme, up by
AXA XL in India to plant ing biodiversity, and this project, which only 0.3 percentage points from 2017
according to GlobalData’s UK Insur-
30,000 trees and create a has been driven by our Think Green ance Consumer Surveys. However, the
Team in India, is a great example of the
Biodiversity Park in Delhi positive local actions we can take to greater number of individuals working
from home on a regular basis will re-
AXA XL in India has partnered with deliver our global corporate responsi- duce the need to own a private vehicle.
charity, Give Me Trees Trust, to em- bility goals.” This creates more opportunities for car-
bark on an ambitious three-year Mr. Nazareth adds: ‘I would personally sharing firms like Zipcar and Turo to
project to plant 30,000 trees and cre- like to thank all our AXA XL colleagues increase their customer base.”
ate a biodiversity park in Jaunapur, who have, despite COVID-19 restric- Insurers that can partner with car-shar-
Chhatarpur, New Delhi. tion, continued to find ways to support ing companies to offer insurance at
A healthy biodiversity helps to break- this initiative from home by growing the time of booking will be much bet-
down and absorb pollution and provide saplings for the charity.” ter placed to capitalize on the shift in
resilience to climate change. The new Swami Prem Parivartan also known as consumer behavior.
park in Delhi is expected to release Peepal Baba, Founder, Give Me Trees Kuruvila continues: “This creates more
2,400,000 kgs of Oxygen per year, Trust, adds: “AXA XL is working along- opportunities for insurtechs - key play-
with the fledgling forest becoming self- side us as our corporate partner to ers in the usage-based insurance
sufficient after two years. Additionally, develop not just a biodiversity park but space. This change in behavior will be
a healthy biodiversity helps with the to create a whole new ‘sustainable’ concentrated in cities, where individu-
management of ground water levels, experience for its employees. The als are able to conduct their daily busi-
preventing flash flooding and enriches Company’s fundraising campaign, vol- ness without the use of a car and will
the quality of the soil. unteer involvement, workshops and only need one occasionally.

The Insurance Times, October 2020