Toffee Insurance, the all-digital insurtech startup, announces India's first cycle insurance product. The Cyclist Insurance, launched pan-India is the leading domestic brand, such as Hero and Firefox to name a few. The policy covers both the rider and the cycle in a tiered pricing format to increase the under penetration rate of insurance within India.
Sold at point of sale via 1000 of the country's top cycle dealers, Toffee Insurance has spread its pan-India footprint to reach 150+ cities ranging from metro to Tier 4 & 5 cities. Onboarded dealers use Toffee Insurance's progressive web app for real time policy issuance, servicing, and claims management.
An industry that has long required handwritten, paper documentation and redundant processes for insurance products has been turned upside down using technology to make the experience phygital. The cyclist insurance has been modelled after auto insurance and covers both theft and accidental damage.
The claim process is cashless for damage and for theft approvals are in place within 2 days. The pricing of the product is approximately 3-5% of the cycle cost and includes:
- Theft of cycle is covered upto the cost of the cycle
- Accidental damage to the cycle is covered upto the cost of the cycle (cashless payments)
- Accidental cover for the cyclist upto Rs. 2,00,000
Rohan Kumar, CEO and co-founder of Toffee Insurance, said, "The customer response to this product has been the most exciting part of our roll out. We're seeing a wide segment of users with some securing their expensive cycle purchases, whilst others beginning their entry into financial service offerings. It's reassuring to see our mission of making insurance efficient, accessible, and affordable driving financial inclusion in India."