Latest New Motor Assurance Premium Policybazaar Investments Coverage Plan

 Motor Insurance Get Increase Best Growth Range for Policybazaar

According to Sajja Praveen Chowdary, Head Motor Insurance Policybazaar, increasing awareness among customers regarding the convenience of online purchase and claims settlement is going to be a growth driver.

The company that sold on the brink of eleven hundred thousand insurance policies for personal vehicles in 2018-19, is expecting to sell around twenty-two hundred thousand next year. the quantity of two-wheeler policies sold in FY19, that is probably going to be on the brink of twenty-one hundred thousand is predicted to grow to forty-five hundred thousand in 2019-20.

In 2017-18, we tend to sell on the brink of five.7 hundred thousand policies for cars and around ten hundred thousand two-wheeler policies. whereas the sale of automotive policies has fully grown by quite ninety p.c, the sale of two-wheelers has fully grown by nearly one hundred ten p.c this year. we tend to expect to double this next year, Chowdary told BusinessLine.

However, it's fascinating to notice that but one p.c of the whole range of policies sold square measure for first-time automotive consumers.

Of the eleven hundred thousand policies for personal vehicles sold by the corporate, solely around half dozen,500 were bought by customers buying new cars. this can be primarily as a result of motor dealers tend to package the automotive and policy payment going very little option to customers to determine on the policy or the underwriter.

We try to form customers additional awake to the rules, and square measure going to return up with an academic series to form awareness. we'll return up with an internet campaign shortly he said.

Online purchases to grow

Online purchase presently accounts for fewer than ten p.c of the whole motor insurance sold in India. Close to 2.2 large integer policies for personal vehicles were sold in a pair of018-19, however, solely around nineteen.5 hundred thousand policies were sold through online channels. Of this, Policybazaar’s share is on the brink of eleven hundred thousand policies.

But the share of online motor coverage plan sales is probably going to grow. it's already fully grown from but five p.c in 2017-18 to shut to ten p.c in FY19. straightforward process and claims settlement can aid growth in online sales, he said.

Policybazaar, for example, has launched an associate degree exclusive Cashless Assurance policies feature for purchasers to assist them at the time of claims. The feature can enable customers to elect those approvals on claims across the country among a matter of a number of hours. within the past, this service was obtainable solely through choose underwriter network garages.