With this feat, Ola has become India’s largest private micro-insurance platform.

Ola achieves milestone 20 mn in-trip insurance policies availed by users each month
Atom Transport Thursday, February 07, 2019 - 17:58

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.”

How to avail In-trip Insurance

1. New user → in-app communication while booking a ride

2. Menu → profile → ride insurance → toggle insurance ‘on’

3. 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.

 

Coverage upto

Benefits

City Rides

Outstation

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

 

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