The Business Bytes
TBB BUREAU
NEW DELHI, SEPT 05, 2022
One of the India’s leading Insurtech startup, InsuranceDekho, has recently expanded its product portfolio by offering ‘Travel Insurance’ on its online platform. It has partnered with HDFC Ergo, Reliance General, Care, ICICI Lombard and Bajaj Allianz to offer the travel insurance products and is in the process of tying up with other insurers.
The platform offers curated travel plans for family and individuals, corporates and students, with prices starting at Rs 552 and covering 198 countries, subject to terms and conditions which may vary from insurers to insurers. The policies provide a wide range of coverage, depending on the plan chosen. However, almost all of them include important covers like loss of passport, emergency medical expenses, flight delay, loss of checked-in baggage, medical evacuation, etc.
Commenting on the launch, InsuranceDekho Co-Founder and CEO Ankit Agrawal said, “In the post-COVID era, Indians are traveling again with international travel growing at 76% YoY (Year-on-Year) which has widened the market for insurance providers. There is high digital adoption for travel insurance as currently more than 33% Indian international travelers buy insurance directly from the insurance company’s websites, which makes this an attractive segment for innovation and disruption. We are building InsuranceDekho as a one-stop shop for all insurance solutions and diversified investment options; this is one crucial step in that direction.”
India’s Travel Insurance Market is estimated to be USD 892 million in 2022 and is expected to exceed USD 2 Bn by 2027, growing at a CAGR of 17.6% according to Research & Markets. We are excited to announce the launch of travel insurance on our platform which would allow travelers to choose plans in a few clicks for all their travel needs.
InsuranceDekho also offers end-to-end digital journey for Motor, Health, Life, Travel and Pet insurance products currently. The platform enables customers to compare different insurance policies and offers them the best choices and recommendations based on their requirement. The company works with almost all insurance providers and has direct integration with 45 insurance companies across India and offers more than 300 insurance products. InsuranceDekho intends to expand its portfolio by offering more products on its various platforms in near future.
