You cannot be too careful in modern times. Be it a delayed flight because of a change in weather, a missed connecting flight or a muscle you pull while working on your fitness at a gym, everything is at the mercy of time and change.
These events are not covered and provided for by most insurers. Keeping this in mind, online insurance firms are working on designing innovative insurance policies that cover even the smallest of niggles. They aim to disrupt the traditional insurance sector and introduce a new wave like one never seen before.
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Online aggregators are looking to unlock channels through which innovative insurance products can be offered. They mainly focus on the age group of 25-30 years.
Following are some of the innovative insurance products that are highly relevant to modern times:
Online insurance firms offer innovative products which not only cover you for lost luggage but also delayed or missed connecting flights due to unexpected traffic. The insured can make a claim just by clicking a picture of the boarding pass.
Online insurance firms are partnering with cab aggregators like Ola, to offer insurance for commuters in taxis. Commuters can insure their cab rides against breakdowns, unpredictable traffic and other unforeseen events that can cause delays or missed connecting flights. Premiums to be paid can be as low as Re 1.
Some online insurance companies offer products which cover more than just damage to phones. They offer to run software remotely, check out issues with the phone and give the customer an estimated repair cost. They also offer pickup and drop of the device (smartphone). This facility is available at 6,000 Pin Codes across India.
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While insuring human life and assets are common, pet insurance products are also offered these days. Pet insurance covers an insured pet’s health expenses incurred at veterinarian clinics.
Few online insurance startups are designing products by closely working with existing insurers, to offer customized products like fitness insurance, backpacker insurance, daily commuter insurance, and so on.
Fitness insurance offers a basic out-patient department expenses coverage of up to Rs 5,000. This can be claimed by simply presenting the doctor's prescription.
By introducing relevant and innovative insurance products, the Indian insurance sector may soon catch up with developed insurtech markets in the world like South Africa.
The innovative insurance products offered by digital insurance firms are relevant to modern day demands. However, their aim of disruption of the traditional insurance sector and revamping sounds good, but it is not as easy as it sounds. Take for instance; insurance has not penetrated well in our country, especially in the rural areas. Therefore, these newbie digital insurance firms have to design products for rural markets too, especially as they do not have a physical presence.
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