Coverfox.com, India's fastest growing online insurance portal, announced the signing of a new partnership with public sector undertaking, The Oriental Insurance Company to offer the Public Sector Undertaking's (PSU's) comprehensive motor insurance product for both four and two wheelers on its domain.
The online insurance industry in India has got significant traction in last few years. Purchase of policies online has increased from two percent to 200 percent in just two years in the country.
In addition, a Boston Consulting Group report claims that digital insurance will skyrocket to Rs. 15,000 crore by the year 2020 from Rs. 700 crore in 2015.
With the eCommerce growth in India, PSU Insurance Companies have been waking up to the potential of online distribution for some time now, and have forayed into improving their system and technology.
Transparent information, better pricing, ease of buying a policy, expert recorded advice, transparency in a transaction are critical measures that attract customers to purchase insurance online. Features such as safe payment gateways also give customers the confidence to make an online purchase.
Customers venturing onto comparison portals for comparison shopping were unable to compare and buy these products. Oriental Insurance has now decided to enter the online broker/aggregator distribution with partnerships with insurance technology start-ups like Coverfox.com
Insurance buyers have preferred PSUs for their competent pricing. But the perception that PSUs are not technologically advanced and that policies and claims will not be processed quick enough have deterred some customers.
"We are indeed thrilled by this partnership with Oriental Insurance, one of the most prestigious PSU's in insurance sector today. We appreciate the trust that Oriental Insurance has placed in us through this collaboration this broadens and gives much needed depth of choice to our customers," said CEO and Co-Founder Coverfox.com, Varun Dua.
Coverfox is the second largest online auto insurance provider, besides selling health and travel policies. It sells nearly 10,000 policies a month and is witnessing a steady growth of about 20 percent month-on-month. This partnership promises to see more insured vehicles plying on Indian roads thanks to the online availability of Oriental Insurance's comprehensive motor insurance products.