27 May 2016 Current Affairs: Online insurance platform Coverfox.com, has partnered with public sector undertaking, The Oriental Insurance Company to facilitate the public sector undertaking's comprehensive motor insurance product for both four and two wheelers, online. Through this partnership, Coverfox.com will be the first to offer the Public Sector Undertaking's (PSU's) .
The company said that online insurance industry in India has got significant traction in last few years.
Purchase of policies online has increased from 2% to 200% in just two years in the country. Meanwhile a Boston Consulting Group report has claimed 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
Given the sovereign backing, there is a demand from a significant number of online consumers for Government insurance company products. However, 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 .
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 .