Ola becomes largest private micro-insurance platform, issues 2 crore in-trip policies each month
07 Feb 2019
Metro cities like Bengaluru, Delhi and Chennai have the highest rates of adoption of the in-trip insurance, closely followed by Mumbai and Hyderabad.
In-trip insurance for rides booked on the Ola platform is uniquely priced starting Re 1.
Ride-sharing platform Ola claims to have achieved a milestone of facilitating the issue of 2 crore in-trip micro-insurance policies to its customers every month under its flagship and industry-first programme, in association with a new age insurer.
Designed to cater to the needs of customers during their cab rides, specifically for city rides and outstation rides on the Ola platform, the in-trip insurance saw acceptance from all age groups with key metros like Bengaluru, Delhi, Chennai and Mumbai registering the fastest adoption growth rates.
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Launched in April last year, the in-trip micro-insurance initiative, that offers risk coverage against lost baggage, accidental medical expenses, accidental death or disability, OPD treatment and certain unique benefits such as loss or damage to a laptop or emergency hotel requirement for outstation rides, amongst others, has received an extremely encouraging response from customers. The product is now available across city and outstation categories at attractive price points of Re 1 and Rs 49, respectively.
The insurance may be availed by a new user through ‘in-app communication while booking a ride’ by turning toggle insurance ‘on’, option of which is available under ‘ride insurance’ when the user goes to ‘profile’ tab through ‘Menu’. Once a customer has opted in, in-trip insurance is issued to him on all future rides. The customer has the option to opt out of the same at any time by changing the settings in his profile.
“At Ola, we are committed to building innovative solutions that can help build a reliable experience for millions who use our platform every single day. This unique micro-insurance programme, which is one of our key offerings in insurance, has been custom built for Ola users, covering the risk of untoward incidents when on the road,” said Nitin Gupta, CEO of Ola Financial Services (OFS).
Informing that over 2 crore policies have been availed by customers, every month since the launch of the trial phase in April 2018, Gupta said, “We are thrilled with the phenomenal response we have received across the country. We continue to work on such unique propositions that will transform the mobility experience and beyond, for a billion Indians whom we look to serve.”
(Disclaimer: These are the author’s views. Readers are advised to consult their financial advisor before buying any plan)