Ola sells 20m micro-insurance policies a month

Homegrown ride sharing service provider Ola, has registered a unique milestone of facilitating the issue of 20 million in-trip micro-insurance policies to its customers every month under its programme, in association with a new age insurer. 

The company says the product designed to cater to the needs of customers during their cab rides, specifically for city rides and outstation rides on its platform. The scheme was launched in April 2018, which it claims has received an encouraging response from customers, helping the company maintain its leadership position in the domestic market. The in-trip insurance has gained traction from all age groups in key cities like Bangalore, Delhi, Chennai and Mumbai registering the fastest adoption growth rates.

Ola says the scheme offers comprehensive benefits, and covers risks including coverage against lost baggage, accidental medical expenses, accidental death or disability, OPD treatment and certain unique benefits such as loss or damage to a laptop or emergency hotel requirement for outstation rides, amongst others. The in-trip insurance is available for traveling in cities and outstation categories and is priced at attractive price points of Rs 1 and Rs 49 respectively. 

Nitin Gupta, CEO, Ola Financial Services (OFS) said, “At Ola, we are committed to building innovative solutions that can help build a reliable experience for millions who use our platform every single day. This unique micro-insurance program, which is one of our key offerings in insurance has been custom built for Ola users, covering the risk of untoward incidents when on the road. Over 20 million policies have been availed by customers, every month since our trial phase in April 2018 and, we are thrilled with the phenomenal response we have received across the country. We continue to work on such unique propositions that will transform the mobility experience and beyond, for a billion Indians whom we look to serve.”