With over 20 Million in-trip insurance policies availed by customers each month, Ola is India’s largest private micro-insurance platform
● In-trip insurance for rides booked on the Ola platform is uniquely priced starting Re. 1
● Bengaluru, Delhi, and Chennai have the highest rates of adoption, closely followed by Mumbai and Hyderabad
Kolkata, February 7, 2019: Ola, one of the world’s largest ride-sharing platforms, has achieved a unique milestone of facilitating the issue of 20 Million in-trip micro-insurance policies to its customers every month under its flagship and industry-first programme, in association with a new age insurer.The product was designed to cater to the needs of customers during their cab rides, specifically for city rides and outstation rides on the Ola platform. Launched in April last year, the offering has received an extremely encouraging response from customers, helping Ola maintain its leadership position as India’s largest ride-sharing platform. The in-trip insurance saw acceptance from all age groups with key metros like Bengaluru, Delhi, Chennai and Mumbai registering the fastest adoption growth rates.
A comprehensive benefits program, the trip insurance offering has been built from Ola’s deep insights on the needs of the consumers, whom the platform serves. The risk covered through this offering includes 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. This offering was designed to make the experience of the customers more secure, emphasizing Ola’s focus on creating innovative solutions that add an extra layer of security and ease for the ecosystem. In-trip Insurance is now available across city and outstation categories and is priced at attractive price points of Re. 1 and Rs. 49 respectively. The success of this initiative is clearly corroborated by its rapid adoption across segments, highlighting Ola as a trusted platform and a leading innovator in the mobility space.
Nitin Gupta, CEO of 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.”
More Details on In-trip Insurance:
How to avail:
- New user → in-app communication while booking a ride
- Menu → profile → ride insurance → toggle insurance ‘on’
- Once a customer has opted in, in-trip insurance is issued to him on all future rides. The customer has the option to opt out of the same at any time by changing the settings in his profile.
The in-trip insurance will cover the following:
|Accidental Death Benefit||Rs. 5,00,000||Rs. 7,50,000|
|Permanent Total Disability||Rs. 5,00,000||Rs. 7,50,000|
|Permanent Partial Disability||Rs. 5,00,000||Rs. 7,50,000|
|Accidental Medical Expense||Rs. 1,00,000||Rs. 2,00,000|
|Ambulance Transportation Cover & Evacuation (Medical and Catastrophe)||Rs. 10,000||Rs. 10,000|
|Repatriation of Mortal Remains||Rs. 10,000||Rs. 10,000|
|OPD Treatment||Rs. 3,000||Rs. 5,000|
|Hospital Daily Allowance (Max 7 days)||Rs. 500/day||Rs. 1000/day|
|Loss of Baggage, Personal Effects & Electronic Equipment Cover (Laptop only)||No||Rs. 20,000|
|Emergency Hotel Requirement||No||Rs. 10,000|
|Home Insurance Cover & Fire and Allied Perils||No||Rs. 1,00,000|