Page 7 - Insurance Times July 2016
P. 7
'Adventure Sports' - a Insurance Cos thrilled for e-commerce selling and ser-
new insurance window vicing of policies
With an increase in number of Indian Insurance companies are enthusiastic the customers of smaller towns not en-
tourists indulg- about the proposed guidelines on sell- couraged by agents and advisors due
ing in Adven- ing and servicing of policies through e- to lack of adequate remuneration for
ture Sports like commerce platform that
bungee jump- aims to do away completely them," Bajaj Capital group
ing, parasailing with any kind of physical in- CEO and director Anil
tervention. Kumar Chopra said.
and mountaineering, insurers see a
new market. Bajaj Allianz has for the The Insurance Regulatory Chopra said the country's
first time come out with a specialized and Development Authority of India accumulated number of is-
personal accident policy to cover such (IRDAI) has come out with the expo- sued polices is 12.5 crore and coverage
risks, which until now were excluded. sure draft on selling and servicing in- of population will be far low as there
surance policies through e-commerce would be multiple policies by a single
The Global Personal Accident Cover platform for comments before final person for health, motor and life.
is targeted at travelers who engage regulation is notified.
in adventure sports and allows them National Insurance Corporation Chair-
to choose from a host of covers, such "This will go a long way in penetration man and Managing Director K. Sanath
as adventure sports, air ambulance of insurance products. It is a great ef- Kumar said the company is examining
evacuation and accident hospitaliza- fort and it will induce lot of benefits to the e-commerce selling and servicing
tion. While most of the covers are front.
available worldwide, the air ambu-
lance evacuation is available only in 6 insurers get approval for FDI till February worth Rs
India.
2,566 cr
"The personal accident cover that is
sold in India is a 40-year-old product. A total of six private insurers have got eign investment proposals of six insur-
But the customer behaviour has FIPB approval for foreign investment pro- ance companies have been approved by
changed considerably. Today, many posals worth Rs 2,566 crore till February Foreign Investment Promotion Board
travelers engage in adventure sport after the government increased the FDI (FIPB), including a total quantum of Rs
activities like bungee jumping or
mountaineering. An accident would cap in the sector to 49 per cent from 26 2566.26 crore," said the Finance
require immediate response within per cent. "As on February 29, 2016, for- Ministry's Annual Report 2015-16.
the golden hour, which is not avail-
able under the conventional policy," Online insurance broker Coverfox to sell Oriental's
said Tapan Singhel, MD & CEO, Bajaj
Allianz General Insurance. Motor policies
For a premium of Rs 4,000, the Oriental Insurance has for the first thrilled by this partnership with Orien-
policy covers personal accident cover time tied up with a private online in- tal Insurance, one of the most presti-
up to Rs 50 lakh and will also cover surance broker 'Coverfox' to sell its gious PSUs (public sector units) in the
accident hospitalization and air am- comprehensive motor insurance prod- insurance sector today.”
bulance. In addition, the policyholder uct for both four and two
can also get EMI protection, where wheelers and for Coverfox "We appreciate the trust
the insurance company will pay the too this is the first engage- that Oriental Insurance
monthly instalments of any personal ment with a public sector has placed in us through
loan taken by the insured. Singhel general insurer. Coverfox operates the this collaboration. This
said that the cover is available for online insurance portal coverfox.com. broadens and gives much-needed
everyone within 70 years of age at depth of choice to our customers",he
the same premium. "We have seen Currently, auto insurance is the largest added.
senior citizens also engage in adven- selling category for Coverfox. Founded
ture sports," he said. in 2013, Coverfox sells insurance online Coverfox is the second-largest online
and offers car, health, home and travel auto insurance provider in India. It also
insurance. sells health and travel policies. It sells
nearly 10,000 policies (auto, health
Talking about the partnership, Varun and travel put together) a month and
Dua, CEO and Co-Founder, is witnessing steady growth of about
Coverfox.com, said, "We are indeed 20 per cent month-on-month.
The Insurance Times, July 2016 7
