Toffee Insurance, the all-digital insurtech startup, announces India\u2019s 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.<\/p>\n
Sold at point of sale via 1000 of the country\u2019s top cycle dealers, Toffee Insurance has spread its pan-India footprint to reach 150+ cities ranging from metro to Tier 4 & 5 cities. On boarded dealers use Toffee Insurance\u2019s progressive web app for real time policy issuance, servicing, and claims management.<\/p>\n
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.<\/p>\n
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:<\/p>\n
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 \u20b92,00,000<\/p>\n
Rohan Kumar, CEO and co-founder of Toffee Insurance, said, \u201cThe customer response to this product has been the most exciting part of our roll out. We\u2019re seeing a wide segment of users with some securing their expensive cycle purchases, whilst others beginning their entry into financial service offerings. It\u2019s reassuring to see our mission of making insurance efficient, accessible, and affordable driving financial inclusion in India.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Toffee Insurance, the all-digital insurtech startup, announces India\u2019s 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. […]<\/p>\n","protected":false},"author":3,"featured_media":3171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[2936,2935,2938,2937],"class_list":["post-3170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-countrys-top-cycle-dealers","tag-indias-first-cycle-insurance-product","tag-progressive-web-app-for-real-time-policy-issuance","tag-theft-and-accidental-damage"],"aioseo_notices":[],"yoast_head":"\n