Times Internet has launched an online insurance distribution platform, ETInsure. It claims to provide a transparent and user-friendly experience to its users. The mobile-responsive platform currently offers insurance services across car and two-wheeler segments from seven insurance companies.
Commenting on the launch, Mukesh Kalra, COO, ETMoney said, “The launch of ETInsure.com is in line with our mission to simplify the financial journey of consumers in India. Insurance is a critical part of this mission as the current experience of buying and owning an insurance policy is cumbersome and riddled with rampant miss-selling from pushy sales agents.”
The portal allows users to buy the policy without any paperwork, the policy is issued instantly and the coverage starts within minutes. It also gives insights and suggestions powered by internal data, guiding one to buy the right policy.
With ETInsure, users get a suggested price of the vehicle that is formulated after calculating the age of the vehicle, buyer preferences, number of quotes, competitive prices etc. Users can also customise their quotes to get the best policy with suitable coverage.
Shankar Nath, Principal Officer & Head, ETInsure said, “We have redesigned and re-engineered the entire insurance stack from the ground up. We are excited to empower our consumers to make informed decisions about their insurance needs so that they feel positive about their future – as they are well-covered.”
ETInsure has also come up with a feature where it claims to digitally decode the terms and conditions of every policy, allowing users to understand the policy terms with simple visuals and easy-to-understand language. It also comes equipped with an expert team to help the consumer during claim settlements.
The platform plans to add health, life, and travel insurance products in the coming future.
Other players in this segment include Easypolicy, PolicyBazaar, and BankBazaar among others. In January 2016, Noida-based online insurance policy aggregator, Easypolicy, raised about $2 Mn funding led by Ronnie Screwvala’s private investment firm Unilazer Ventures. In the same month, online insurance seller, Turtlemint, has raised an undisclosed amount in a funding round led by Nexus Venture Partners. Blume Ventures also participated in this round.