Online insurance aggregator in India Easypolicy has announced the launch of its two wheeler insurance policy for customers in tier II and III cities and towns in India.
This new offering is part of the company’s vision of taking insurance distribution to untapped geographic and demographic markets by marrying the seamless ease and reach of technology with the zeal of service providers in tier II and III cities and towns in India.
“Two wheelers across India continue to get added at an average rate of 15 lakh new vehicles every month. Ironically, only close to 20 percent two wheelers are currently insured and this continues to remain a serious cause of concern for our industry, given the fact that the largest number of deaths happen due to two wheeler accidents,” said Co-Founder and CEO Easypolicy, Alok Bhatnagar.
“Just as is the case with four wheelers, the Indian laws have also made it mandatory for every two wheeler to have an insurance cover. A recent hike in penalty for not keeping a two wheeler insured to Rs. 2000 is likely to act as a big catalyst for growth in the category,” added Alok Bhatnagar.
“We have trained close to two lakh ground level partners in tier II and III cities and towns in India on how to use our online platform and mobile app in connecting with their set of audience in the remotest part of the country.
Our partners will use our online platform to empower customers to buy or renew their two wheeler plans as per their convenience, anywhere and anytime.
We believe this will significantly reduce the number of cases wherein customers often forget to renew their two wheeler policies on time,” said Co-Founder and COO Easypolicy, Divyanshu Tripathi.
“The youth in leading metros and growing cities in India is highly receptive to on-demand, convenient and uninterrupted access to insurance services.
Globally, India is not just one of the leading markets for two wheelers but is also the fastest growing in terms of internet penetration. Our latest insurance product has been created to leverage this unique opportunity.
The policy offers comprehensive coverage for two wheelers including damage to third party property and life,” added Divyanshu.
Under the policy, customers will be able to buy their two wheeler insurance or renew their existing two wheeler policy on the company’s online platform. Other features of the policy include liability for third party death, injury claims and indemnity for third party property damage up to a limit of Rs. one lakh.
The policy also offers personal accident cover up to Rs. two lakh at an additional premium. “We are confident of selling over 10 lakh two wheeler insurance policies by the end of the current financial year,” said Divyanshu.