Chennai: The insurance market in India is growing double of country’s GDP almost every year, yet the country continues to be underpenetrated in Tier 3 and 4 cities.
According to IBEF, 70 per cent two wheeler and commercial vehicle policies and 30 per cent four wheeler vehicle policies see a break-in and are not renewed by customers owing to lengthy documentation, delays in inspection, low availability of insurance agents as well as lack of awareness on the need for motor insurance and timely renewals.
Taking a step to democratise insurance for India’s large populace, AGS Transact Technologies in association with Global-India Insurance Brokers (GIIB) has announced that Ongo merchants can now provide instant digital motor insurance to their customers via the Ongo Android PoS terminals.
This industry first solution will enable vehicle owners to opt for two– four wheelers motor insurance at accessible touchpoints like fuel retail stations, local/kirana stores through a completely digitised and paperless process, said a press note.
In its first phase, the partnership aims to issue about 25000 policies through 5,000 terminals.