“We recognise that our driver partners spend a considerable amount of time on the road and we want to ensure their over-all safety.”
Insurance portal Coverfox has partnered with Uber India as the broker on record for the ride hailing app’s drivers. Coverfox will provide assistance in insurance policy purchases and facilitate car insurance solutions for Uber’s driver partners as part of the latter’s re ward-oriented programme UberCLUB.
“We recognise that our driver partners spend a considerable amount of time on the road and we want to ensure their over-all safety. This partnership will be useful for hundreds of thousands of driver partners on the Uber platform,” said Bhavik Rathod, general manager south & west at Uber India.
The UberCLUB programme in India is an offshoot of Uber’s global Momentum Rewards Program.Coverfox’s car insurance services will initially be available in 11 cities, and will soon expand to all the cities Uber India operates in. Coverfox will use its existing insurance partners for Uber drivers across all categories and help negotiate rates for premiums.
“Our team has put together a well-knit network of experts, insurers and partners to facilitate insurance as well as claims,” said Varun Dua, co-founder of Coverfox.
Uber will be able to get a significant discount on insurance rates via this partnership. “An Uber driver can get insurance at 30% discount to themarket rate,” Jaimit Doshi, chief sales and marketing officer at Coverfox, told ET. Coverfox, which handles 25,00030,000 policies per month across all verticals, expects the partnership with Uber alone to add the same number in 12 months.
The Accel and SAIF Partners backed insurance portal gets over 50% of its revenue from the motor insurance segment of which car business remains the bread and butter.
“Currently , we are servicing retail and commercial vehicles through Uber,” said Doshi. If more opportunities come up, the company can expand partnerships with insurance companies, he said.
Dua said his company has clocked Rs 175 crore worth of premiums and is Rs 175 crore worth of premiums and is targeting Rs 400 crore by December 2017 -a large portion of which will be driven by Uber.
Source: The Economic Times (ETR Auto)
Date: 08th December, 2016