Times Internet, the digital subsidiary of The Times of India group, is today dipping its toes in the consumer-focused fintech segment with the launch of its online insurance platform, ETInsure. The insurance platform is being launched with the aim to guide customers towards buying the best insurance plan available on the market.
ETInsure has initiated the service with four and two-wheeler insurance but plans to expand its range of products covered. It will add labels of health, life, and travel insurance to its product list in near future.
Detailing the new insurance platform, Mukesh Kalra, head of ETInsure said,
The launch of ETInsure.com is in line with our mission to simplify the financial journey of consumers in India. Insurance is a critical part of this mission as the current experience of buying and owning an insurance policy is cumbersome and riddled with rampant miss-selling from pushy sales agents.
ETInsure has partnered with seven insurance companies till now and will engage furthermore in coming months. The uniqueness of online insurance platform is that it gets rid of any hassles of paperwork. The company will commence coverage of products under the policy within a few minutes of purchase.
ETInsure will also work on a customer’s mobile as it has been designed to be responsive, like every other website designed on the interwebs these days. Prior to its launch, Times Internet generated a survey which stated consumers’ inclination towards lowest premiums when they buy a car or two-wheeler insurance.
In doing so, consumers tend to ignore the fact that lowest priced plans would put a very low value to their vehicle. The platform will resolve the concerned issue and hence provide a suggested value of the vehicle.
ETInsure will take into account multiple data points such as — the age of the vehicle, buyer preferences, number of quotes and competitive prices among others before offering a competitive customized quote to a user. The website will also suggest add-on suitable to their selected policy.
Moreover, the website will also display policy information in simple visuals and easy-to-understand language to consumers, appraising the insurance understanding further. The company will also appoint a distinctive team to settle the claims of a consumer. Shankar Nath, the Principal Officer & Head for ETInsure continues to add,
We are excited to empower our consumers to make informed decisions about their insurance needs, so that they feel positive about their future – as they are well-covered.