Aims to cross 1000000 policy mark in the first year of launch
Easypolicy (www.easypolicy.com), the most inclusive and fastest growing online insurance aggregator in India today announced the launch of its two wheeler insurance policy for customers in tier II and III cities and towns in India.
This new offering is part of the company’s vision of taking insurance distribution to untapped geographic and demographic markets by marrying the seamless ease and reach of technology with the zeal of service providers in tier II and III cities and towns in India.
Commenting on the launch of the new policy, Alok Bhatnagar, Co-Founder and CEO, Easypolicy.com said, “Two wheelers across India continue to get added at an average rate of 15 lakhs new vehicles every month. Ironically, only close to 20% two wheelers are currently insured and this continues to remain a serious cause of concern for our industry, given the fact that the largest number of deaths happen due to two wheeler accidents. Just as is the case with four wheelers, the Indian laws have also made it mandatory for every two wheeler to have an insurance cover. A recent hike in penalty for not keeping a two wheeler insured to Rs.2000 is likely to act as a big catalyst for growth in the category.”
“We have trained close to two lakhs ground level partners in tier II and III cities and towns in India on how to use our online platform and mobile app in connecting with their set of audience in the remotest part of the country. Our partners will use our online platform to empower customers to buy or renew their two wheeler plans as per their convenience, anywhere and anytime. We believe this will significantly reduce the number of cases wherein customers often forget to renew their two wheeler policies on time,” said Divyanshu Tripathi, Co-Founder and COO, Easypolicy.com.
Divyanshu added, “The youth in leading metros and growing cities in India is highly receptive to on-demand, convenient and uninterrupted access to insurance services. Globally, India is not just one of the leading markets for two wheelers but is also the fastest growing in terms of internet penetration. Our latest insurance product has been created to leverage this unique opportunity. The policy offers comprehensive coverage for two wheelers including damage to third party property and life.”
Under the policy, customers will be able to buy their two wheeler insurance or renew their existing two wheeler policy on the company’s online platform. Other features of the policy include liability for third party death, injury claims and indemnity for third party property damage up to a limit of Rs. 1 lakh. The policy also offers personal accident cover up to Rs. 2 lakh at an additional premium.
“We are confident of selling over 10 lakhs two wheeler insurance policies by the end of the current financial year,” said Divyanshu.
About Easypolicy.com
Founded in 2011, Easypolicy.com is owned by Easypolicy Insurance Web Aggregators Pvt. Ltd, an IRDA licensed insurance distribution company. The company’s core leadership team comprises of a former Thomson Reuters executive, Alok Bhatnagar, Neeraj Aggarwala and Divyanshu Tripathi, an erstwhile founding member of PolicyBazaar. Easypolicy compares and sells insurance plans in life and non-life categories across insurers.
Easypolicy.com has been created with a vision to provide transparent and top-notch services through technology to simplify, advise, inform, educate and to make insurance more accessible and available across India. Within a brief journey of 5 years, Easypolicy has successfully managed to reach out to insurance seekers residing in the far corners of the country, as well as promptly service customers in the thriving metros.
The company raised $2.2 million in funding led by media entrepreneur Ronnie Screwvala’s Unilazer Ventures in January 2016. Apart from Unilazer, the company has also received funding from Anil Jain, Founder and Managing Director of Refex Energy and Gaurav Burman, from the Burman Family Office, the investment arm of the Burman family, promoters of fast-moving consumer group conglomerate Dabur India.