Page 17 - The Insurance Times July 2020
P. 17

COVID insurance benefits are available  Under this program, Shadowfax Deliv-  and claims processes to Shadowfax De-
         in three slabs, worth Rs 50,000, Rs  ery Partners will receive an insurance  livery Partners."
         30,000, and Rs 10,000 respectively and  cover benefit for eventualities like
         are available on purchase of air condi-  death and disability for INR 7.5 Lac  Covid-19 impact: Life,
         tioners, washing machines, refrigera-  each. There is also a loan protection
         tors and all appliances from LG Elec-  cover of INR 50,000 and a child edu-  medical insurance set to
         tronics.                           cation cover of INR 20,000 for the  become dearer
                                            Delivery Partners family in case of
         Commenting on the initiative, Vijay                                   Covid may have brought home the
         Babu, VP, home appliances, LG Elec-  death or total disability.       importance of insurance, but it is also
         tronics India, said, "Our innovative  The company will also be responsible  likely to make insurance more expen-
         technologies in the home appliances  for system integration and defining  sive. While term insurance products
         range offer various features that help  processes for the GMC program that  may become as much as 30% dearer,
         to keep products fresh and maintain  will cover active rider partners of
                                                                               medical insurance premiums may rise
         bacteria-free healthy life. By offering  Shadowfax. Claims can be made  by 20-25%. Insurers' pricing calls will be
         COVID-19 insurance through the pur-  through Acko's website and from
                                                                               influenced by their view that morbid-
         chase of our home appliance products,  Shadowfax's app as well.
                                                                               ity risks have gone up post-Covid and
         we aim to provide a meaningful inte-  Abhishek Bansal, Co-founder & CEO,
         gration to consumers."                                                also by higher regulatory compliance
                                            Shadowfax, "The safety of our delivery  costs, especially in medical insurance
                                            partners is of utmost importance to us  where regulator IRDA has issued new
         Acko       Partners        with    as they are the mainstay of our busi-  coverage norms.
         Shadowfax to Introduce             ness ecosystem. We have always taken   Insurers will essentially be passing on
                                            partner welfare steps keeping this phi-
         Accident and Medical In-           losophy in mind. We are glad that we  higher costs as reinsurance rates go up
         surance for Delivery Part-         have partnered with Acko, one of   to reflect post-pandemic risk calcula-
                                            Indias leading insurance providers to  tions. Medical and morbidity-related
         ners                               protect our delivery partners from any  risk calculations are undergoing revalu-
         Acko General Insurance, announced a  health/incident hazard during the cur-  ations at global reinsurance level, mul-
         strategic tie-up with Shadowfax, larg-  rent pandemic. A positive aspect of this  tiple industry sources aware of the
         est crowdsourced B2B last-mile deliv-  insurance is that it covers the safety of  matter said.
         ery services platform. Acko has devel-  our Delivery Partners during or beyond  As per industry executives, the hike in
         oped a Group Personal Accident (GPA)  the COVID situation. The insurance  reinsurance rates for the industry can
         policy and Group Mediclaim (GMC)   cover was seamlessly rolled out and  be anywhere between 300 and 400
         policy for all Shadowfax delivery part-  implemented PAN India for our deliv-
         ners for the period they are active on  ery partners who are at the forefront  basis points over the current 8-9%. One
         Shadowfax platform.                of the pandemic and serving the com-  bps is 0.01 percentage points. This
                                                                               likely revision comes on the back of a
         This industry is witnessing higher attri-  munity."
                                                                               reinsurance rate hike earlier this year.
         tion, therefore, needs an insurance  Ashwin Ramaswamy, Head of Strate-  Industry insiders say there's already
         plan which can also be as dynamic as  gic Partnerships at Acko said, "At Acko  pressure on margins.
         the gig employees. Acko has created  we create innovative products to en-
         dynamic insurance plans which allow  sure that it is effortless for consumers  Most private sector insurers have
         the companies to extend the insur-  to secure themselves in various as-  made slight revisions in their term pre-
         ance to their active Delivery Partners  pects of their daily life. This partnership  mium rates this year under minor modi-
         and help the companies to save at  with Shadowfax is a seamless integra-  fication provisions. "Reinsurers are
         least 30% of their insurance cost. Acko  tion of two customer-centric brands  changing rates significantly. The trend
         will undertake the risk and claim settle-  focused on delivering the best user ex-  will unfold more post complete easing
         ment for a daily GPA and GMC cover  perience. With this partnership, Acko  of lockdown," said Aditya Birla Sun Life
         offered to the active Delivery Partners.  will be bringing its hassle-free issuance  MD Kamlesh Rao.


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