Homegrown ride-hailing giant Ola has launched an in-trip insurance programme for all its customers in India which will provide coverage against loss of belongings, missed flights, and medical expenses in the case of an accident starting at just Re 1.
The optional service will be available on rides taken in cabs, auto rickshaws, kaali-peeli cabs and even e-rickshaws through Ola. The company has partnered with Acko General Insurance to offer the service which will provide customers a cover of up to Rs 500,000.
“For just Rs 1, Ola customers can avail an insurance policy of Rs 500,000 which will also provide cover for missed flights, loss of baggage, loss of laptop, emergency hotel requirements, and many more. The launch of this initiative, a first of its kind in India, reiterates our resolve of building customer-first solutions,” said Vishal Kaul, COO at Ola, in a statement.
For only Rs 1, Ola customers can avail of an insurance policy of Rs 500,000, which will also provide cover for missed flights, loss of baggage, loss of laptop, emergency hotel requirements and much more: Vishal Kaul, COO, Ola
At first, Ola will allow customers in metro cities to avail of the service, after which it will be rolled out across the 110 cities where the company has a presence. Customers opting for rental and outstation rides on Ola will also be able to opt for the insurance service at a cost of Rs 10 and Rs 15 per ride respectively.
While both Ola and Uber have launched insurance services for drivers as an additional benefit to attract them, Ola is the first to launch such a service for customers in the country. At a time when both players are struggling to increase fares for customers and are facing flak from drivers for cutting payments, they are looking at value-added services to attract customers.
Apart from Acko, Ola has also partnered with ICICI Lombard General Insurance and the partnership will go live in the coming months, the company said. The completely digital integration of insurance providers right within the Ola app will allow customers to make claims through the ride hailing services app itself.
“Together with Ola we have created a first of its kind in-trip insurance that would be of great value to millions of Ola users and would ensure that their daily commute is stress-free. We have been able to develop an easy to understand product that is delivered seamlessly to the user,” said Varun Dua, founder and CEO of Acko General Insurance Ltd.