Money & Banking

Digit sees 650% rise in vehicle insurance policies

LN Revathy Coimbatore | Updated on September 12, 2019

The strict enforcement of the Motor Vehicles Act is good news for the insurance industry. There has been exponential growth in business over the last one week (from the beginning of September), said Jasleen Kohli, Chief Distribution Officer, Digit Insurance.

Kohli said that Digit registered a 650 per cent jump in customer base in Kerala in the last 10 days. Stating that 80 per cent of the two-wheeler owners opted out of insurance after the first year of purchase, she said: “It was highly under-penetrated, with a majority of owners allowing the vehicle cover to lapse after the first year. Strict enforcement has brought in a change.

“We can easily on-board customers whose vehicle cover is still live, but in the case of lapsed policies, the on-boarding process is a little different; there are a few checks and so on. The process is time consuming as it is not a straight journey. We do not ask the customer to wait for the surveyor. They will have to upload the picture of the vehicle and complete the necessary formalities.”

Published on September 12, 2019

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