Acko's parametric insurance covers Qorus Innovation in Insurance Awards 2019

In times when convenience is customary to users, we realised its absence in the insurance world. The present crop of insurance providers pile customers with irrelevant covers, obfuscate them with lengthy procedures, and never deliver the desired results. So, inspired by SAAS Productivity tools that feature multiple plugins and aim to provide the best experience for both partners and end users, we decided to create an app-integrated insurance service for redBus and Zomato. Teams from Underwriting, Tech, Product, Claims and Business divisions worked together to create these price-competitive insurance products that are integrated in the partner app, are relatable to users and facilitate an end to end, in-app claims process with minimal turnaround time. While our Zomato insurance acts as a safety net for workers of a gig economy (food delivery partners), it also makes it effortless for its many beneficiaries to file a claim as it is a part of the app. In redBus, a traveler can opt for an insurance policy when booking their trip, which also has a parametric component, so if there’s a bus cancellation the user receives the claim payout without even having to create a claim. The introduction of these accessible and pertinent insurance covers have delivered superior user experience. A mere 2.5 mins is the avg. time taken to initiate claim, upload relevant documents, and 48 hrs is the avg. time to settle claims. We have provided parametric insurance covers to over 1.7 million people in a month, while facilitating a completely in-app claims process involving no tedious paperwork.