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Edelweiss General Insurance signs exclusive partnership with Okinawa Autotech for E-bike insurance

Posted On: 2021-02-03 09:57:13 (Time Zone: Arizona, USA)


Edelweiss General Insurance (EGI), India's first cloud-native and one of the fastest growing insurers, has entered into an exclusive partnership with Okinawa Autotech Pvt Ltd, India's largest Electric Two-wheeler manufacturer with over 40% market share. EGI will leverage Okinawa's vast dealership network (over 350 dealerships currently) across India, to offer customers simple, end to end, digital driven solutions, aimed at ensuring superior customer experience.

The partnership will help EGI provide customised solutions to customers of Okinawa across the country. Customers can now avail of a comprehensive insurance policy and will have the option to choose from multiple add-ons to suit their individual coverage requirements. The partnership is in sync with EGI's philosophy to invest in future technologies, support the adoption of electric 2-wheelers in India and contribute towards sustainable growth.

Commenting on the partnership, Shanai Ghosh, ED & CEO, Edelweiss General Insurance, said, "We are happy to partner with the market leader in Electric 2-wheelers. This partnership reflects our strategic focus on the electric vehicle market in the country. We believe the progressive transition to electric vehicles is integral to the India's journey towards eco-friendly transportation and as a new digital insurer, we are excited to be part of this emerging technology driven mobility ecosystem."

"Apart from support from the government, customers are also becoming increasingly environmentally conscious and therefore interest in the EV segment is on the rise. This mindset shift will bring about a dramatic change in the industry. Our aim is to support this transformation, while keeping the customer requirement and expectations at the fore", added Shanai.

Jeetender Sharma, MD and Founder, Okinawa Autotech, expressed, "We are glad to partner with Edelweiss, a new-age digital Insurer which shares our conviction about the EV market potential in the country. This partnership is a step ahead in strengthening our commitment in providing continued support to our customers. Edelweiss will provide our customers with a digitally enabled platform and an ecosystem that offers need based and data-driven solutions. We look forward to a successful partnership that creates immense business values for both parties."

EGI's policy for 2-wheeler EVs covers the vehicle end to end, including the battery, which is a major component of any EV and takes up over 30% of the vehicle cost. EGI is also introducing covers to protect damage to chargers / cables that are not a part of the vehicle and are used for charging at home etc.

Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.70.4 as compared to the previous close of Rs. 68. The total number of shares traded during the day was 971620 in over 3555 trades.

The stock hit an intraday high of Rs. 71.4 and intraday low of 67.8. The net turnover during the day was Rs. 68983526.


Source: Equity Bulls

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