Policybazaar car insurance,Online insurance

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Online insurance marketplace Policybazaar is expecting to quite double the sale of motor insurance policies, as well as non-public cars and two-wheelers, in FY20.

According to Sajja Praveen Chowdary, Head, Motor Insurance, Policybazaar, increasing awareness among customers concerning the benefit of on-line purchase and claims settlement are going to be the key growth driver.

The company, that sold getting ready to eleven large integer insurance policies for personal vehicles in 2018-19, is expecting to sell around twenty-two large integer next year. the amount of two-wheeler policies sold in FY19, that is probably going to be getting ready to twenty-one large integer, is anticipated to grow to forty five large integer in 2019-20.

“In 2017-18, we have a tendency to sold getting ready to five.7 large integer policies for cars and around ten large integer two-wheeler policies. whereas the sale of automobile policies has adult by quite ninety per cent, sale of two-wheelers has adult by nearly a hundred and ten per cent this year. we have a tendency to expect to double this next year,” Chowdary told BusinessLine.

However, it’s attention-grabbing to notice that but one per cent of the full variety of policies sold square measure for first-time automobile patrons.

Of the eleven large integer policies for personal vehicles sold by the corporate, solely around six,500 were bought by customers getting new cars. this is often primarily as a result of motor dealers tend to package the automobile and policy payment, departure very little option to customers to choose on the policy or the underwriter.

“We are attempting to create customers additional awake to the laws, and square measure progressing to come back up with an academic series to form awareness. we’ll come back up with a web campaign before long,” he said.

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Online purchases to grow
Online purchase presently accounts for fewer than ten per cent of the full motor insurance sold in Asian nation. Close to 2.2 large integer policies for personal vehicles were sold in a pair of018-19, however solely around nineteen.5 large integer policies were sold through on-line channels. Of this, Policybazaar’s share is getting ready to eleven large integer policies.

But the share of on-line sales is probably going to grow. it’s already adult from but five per cent in 2017-18 to shut to ten per cent in FY19. easy process and claims settlement can aid growth in on-line sales, he said.

Policybazaar, for example, has launched associate degree exclusivECashless Assurance’ feature for patrons to assist them at the time of claims. The feature can permit customers to prefer cashless approvals on claims across all garages across the country at intervals a matter of some hours. within the past, this serivce was out there solely through choose underwriter network garages.

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