After backing lending company Capital Float recently, Amazon has now invested $12 million in a digital general insurance company, Acko General Insurance. The round of funding also saw participation from ChrysCapital’s Ashish Dhawan, and existing investor, Narayana Murthy’s Catamaran Ventures. The latest fund infusion takes Acko’s total equity funding to nearly $42 million, the company said in a statement.
The digital insurance company sells general insurance products like auto insurance and mobile insurance on its online platform. Acko has a partnership with cab-hailing company Ola for in-trip insurance for riders. The insurance program allows users to claim insurance of up to Rs 5 lakh benefits in cases of loss of baggage or laptops, missed flights, accidental medical expense, ambulance transportation cover,
Monday, May 28, 2018
Connected customer data could open insurance opportunity for car dealers - guest opinion
If you ask the average consumer about car insurance, it’s very possible the answer will include an audible huff of frustration, followed by an expression of exasperation.
If insurance could be simplified, with quotes created with no input from the customer, sighs of irritation could be turned into sighs of relief. Imagine! The end of filling in long data requests online for brokers, insurers or price comparison sites, and no more prolonged phone calls.
If insurance could be simplified, with quotes created with no input from the customer, sighs of irritation could be turned into sighs of relief. Imagine! The end of filling in long data requests online for brokers, insurers or price comparison sites, and no more prolonged phone calls.
Sunday, May 27, 2018
7 reasons you're paying more for your UAE car insurance
Have you ever wondered why you’re paying so much for your car
insurance? That’s a valid question to ask considering price is one of
the biggest deciding factors among drivers looking to insure their cars.
Souqalmal.com has shortlisted seven of the most common reasons why your car insurance premium may be twice as much as your neighbour’s.
A less-than-stellar driving record A dodgy driving record marred with traffic violations, fines and black points may be one of the primary reasons your car insurance premium is too high.
A poor driving history is a red flag in the eyes of the insurer since it goes to show that you’re an unsafe driver and may be a liability to the insurance company. Overall, this puts your car at a higher risk of being damaged, making it more expensive to insure.
The Dubai and Abu Dhabi police keep running corrective training courses that allow motorists to have some or all of the black points removed from their traffic file. This may be worth pursuing if your driving history is forcing you to pay through the nose for your car insurance.
The demographic you’re part of Do you have a higher statistical likelihood of getting involved in an accident? Insurance companies take into consideration historical statistics of accidents based on demographics and factor that into the insurance premium.
Certain demographics may inherently be more of a gamble to insure than others. Your age, gender and marital status, all affect your car insurance premium, but actuarial formulas vary from insurer to insurer.
For example, if you’re a young, single and newly-licensed driver, you may end up paying a higher car insurance premium than someone who’s in their forties, is married and has had a driving license for over a decade.
The type of policy you select You may be paying too much for your car insurance if you don’t select your insurance plan carefully. Take your deductible for example – If your policy has zero deductible, you’re going to be charged a higher premium, while a policy with a 20 percent deductible will be offered at a lower premium.
Certain provisions of your car insurance policy may be redundant with coverage you already have elsewhere.
For example, you don’t need to opt for roadside assistance if you’re already covered by the car dealer’s roadside assistance plan, or you can skip personal accident coverage if you have a personal accident insurance policy already in place.
In other cases you may be paying for policy add-ons you’re never going to need. For instance, you can give add-on features like off-road cover and Oman extension a miss if you don’t plan to go on an off-road expedition or beyond UAE borders.
Driving an unsafe car Certain car makes and models are more expensive to insure than others. If you drive a souped-up speedster versus a safe and no-frills vehicle, you’re definitely going to pay a higher-than-average premium on your car insurance.
Historical averages and crash studies put high-performance muscle cars at a higher risk of causing an accident.
You must also keep this in mind if you’re planning to modify your car or buy a modified car. While car insurance companies may be willing to cover the modifications made to your car, your insurance premium will spike because modifications may jeopardise car safety and modified parts also cost more to insure.
Souqalmal.com has shortlisted seven of the most common reasons why your car insurance premium may be twice as much as your neighbour’s.
A less-than-stellar driving record A dodgy driving record marred with traffic violations, fines and black points may be one of the primary reasons your car insurance premium is too high.
A poor driving history is a red flag in the eyes of the insurer since it goes to show that you’re an unsafe driver and may be a liability to the insurance company. Overall, this puts your car at a higher risk of being damaged, making it more expensive to insure.
The Dubai and Abu Dhabi police keep running corrective training courses that allow motorists to have some or all of the black points removed from their traffic file. This may be worth pursuing if your driving history is forcing you to pay through the nose for your car insurance.
The demographic you’re part of Do you have a higher statistical likelihood of getting involved in an accident? Insurance companies take into consideration historical statistics of accidents based on demographics and factor that into the insurance premium.
Certain demographics may inherently be more of a gamble to insure than others. Your age, gender and marital status, all affect your car insurance premium, but actuarial formulas vary from insurer to insurer.
For example, if you’re a young, single and newly-licensed driver, you may end up paying a higher car insurance premium than someone who’s in their forties, is married and has had a driving license for over a decade.
The type of policy you select You may be paying too much for your car insurance if you don’t select your insurance plan carefully. Take your deductible for example – If your policy has zero deductible, you’re going to be charged a higher premium, while a policy with a 20 percent deductible will be offered at a lower premium.
Certain provisions of your car insurance policy may be redundant with coverage you already have elsewhere.
For example, you don’t need to opt for roadside assistance if you’re already covered by the car dealer’s roadside assistance plan, or you can skip personal accident coverage if you have a personal accident insurance policy already in place.
In other cases you may be paying for policy add-ons you’re never going to need. For instance, you can give add-on features like off-road cover and Oman extension a miss if you don’t plan to go on an off-road expedition or beyond UAE borders.
Driving an unsafe car Certain car makes and models are more expensive to insure than others. If you drive a souped-up speedster versus a safe and no-frills vehicle, you’re definitely going to pay a higher-than-average premium on your car insurance.
Historical averages and crash studies put high-performance muscle cars at a higher risk of causing an accident.
You must also keep this in mind if you’re planning to modify your car or buy a modified car. While car insurance companies may be willing to cover the modifications made to your car, your insurance premium will spike because modifications may jeopardise car safety and modified parts also cost more to insure.
How technology is changing the auto insurance landscape
AI, blockchain, and just an overall rise in technologies across the planet are changing the way traditional industries are doing business. The wide world of auto insurance is no exception, with disruptive technology from insurtech propelling the industry forward.
From apps that allow agents to
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