HYDERABAD, India, October 29, 2014 /PRNewswire/ --
Stringent Laws and Unpredictable Circumstances Brings About New Found Need for Motor and Travel Insurance in the Indian Market, PolicyBachat Finds
The ease and convenience of online shopping has launched India into an e-commerce avalanche with conventional marketing now slipping slowly but steadily on the back burner.
Presented with a variety of options and being able to compare with a simple click of a mouse has led to a growth of 200 per cent from 120 per cent a year ago - according to a survey by Assocham (Associated Chambers of Commerce and Industry).
Amidst a zealous e-commerce industry, PolicyBachat makes its debut with car, health, life and travel insurance through scalable, flexible and robust solutions. With a thorough analysis of online shopping trends, PolicyBachat's CEO Srinu Kalyan believes in generating a win-win effect on policy buyers as well as the insurance company.
"The benefit of enjoying resources to effectively compare features and prices across the board gives the consumer the option of selecting the policy that suits him best, while at the same time giving the insurer transparency and due recognition for their services," Kalyan said.
Unlike most of its competitors, PolicyBachat.com does not sell insurance, is not a licensed broker or agent, and is not owned in whole or in part by an insurance company, agent or brokerage. This allows PolicyBachat.com to assume an unbiased approach when providing insurance quotes.
PolicyBachat takes pride in its innate insurance knowledge, and stresses on the importance of vehicle and travel insurance. "The need for vehicle insurance has intensified due to stricter laws that propose heavier fines for those operating vehicles without valid insurance," Kalyan stressed.
A recent report in India Today threw light on a draft bill to replace the Old Motor Vehicles Act 1988, calling for heftier fines for those caught travelling without valid vehicle insurance. The bill proposes a Rs. 10,000 fine for a motorcycle being used without a valid policy; a fine of Rs 25,000 for auto-rickshaws while heavy commercial vehicle and car owners are liable to a fine of Rs. 75,000.
PolicyBachat's comprehensive motor insurance covers car, two-wheeler as well as commercial vehicle insurance, with benefits that are manifold including direct settlement or cashless claims at network garages, depreciation cover, engine protection cover, 24X7 road side and towing assistance. "Simplifying insurance through an easy-to-use website, amplified with innovative tools and competent customer service, makes your search effective and stress-free," Kalyan added.
Engaging in travel insurance, Kalyan said India's travel insurance market is growing at a snail's pace currently due to lack of awareness although international air traffic is growing at around 5-8 per cent and domestic travel by 15-20 per cent.
Pointing to the recent floods in Uttarakhand, which unfortunately claimed the lives of thousands has, however, fortunately brought in its wake a new awareness in India the importance of travel insurance, he said. This is also owing to the fact that the growth of the online ticketing platform, cheaper airfares and online insurance offered by various general insurance companies has led to a growing awareness of the need for protection while on the road. In India, around 70 per cent of travel insurance is distributed through travel agents, about 20 per cent through individual multi-line agents and brokers and approximately 5 per cent through airlines, a report revealed.
A promising note by S S Gopalarathnam, Managing Director, of MS General Insurance, reported that India's market share of the global travel insurance market pie is in the range of 8.4 - 9 per cent.
"The global travel insurance market is expected to be at around US$ 10 billion in the year 2013-14, while the Indian travel insurance market is pegged at around US$ 820 million in 2013-14."
"Moreover, with diverse policies designed for individuals, families and students and frequent fliers, choosing a policy based on individual requirements protect you against potential medical liability involved while travelling, caused due to unforeseen developments - internationally or locally," Kalyan said.
Conclusively, PolicyBachat's stance of a fresh and futuristic approach to motor and travel insurance remains unswerving, as it focuses on giving consumers the comfort and satisfaction knowing that they are being led by a simple, honest, and unique one-stop insurance experience, guaranteed to earn trust and confidence to build a mutually satisfying relationship.
An IRDA approved company, PolicyBachat.com, was started as an initiative of Deztination Insurance Solutions Pvt. Ltd. in February of 2014, and is liaised with top Indian private insurance providers like Iffco Tokyo, Aegon Religare, Future Generali, HDFC Ergo, Star Health Insurance, Bharati Axa, Bajaj Allianz and L&T Insurance.
Designed to effectively provide insurance solutions to nationwide consumers, services also include the option to view and change policies online 24/7 through excellent support staff available via e-mail, or by phone.
PolicyBachat.com invests in technology platforms to ensure that its systems have among the highest uptime and fastest response times in the industry, and after a successful test run for six consecutive months, PolicyBachat.com takes its expertise to the next level by going official.
For more information on how to effectively save on insurance, visit http://www.PolicyBachat.com.
Media Contact: S. Baisakhi, [email protected], +91-(0)-4023-542865, Deztination Insurance Solutions Pvt. Ltd.
SOURCE Deztination Insurance Solutions Pvt. Ltd (PolicyBachat)