Taking a step to democratise insurance for the masses/India’s large populace, AGS Transact Technologies in association with Global-India Insurance Brokers (GIIB) had 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 2 – 4 wheelers motor insurance at accessible touchpoints like fuel retail stations & local/kirana stores through a completely digitised and paperless process. In its first phase, the partnership between ONGO and GIIB aims to issue about 25000 policies through 5,000 ONGO android PoS terminals.
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 & 4 cities. According to IBEF, 70 percent two wheeler and commercial vehicle policies and 30 percent 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. Through ONGO and GIIB’s unique association, the policy issuance process will be simplified through online inspections reducing approval period from a few days to couple of minutes.
Speaking on the launch of the new feature, Mahesh Patel, Group Chief Technology Officer, AGS Transact Technologies said, “ONGO’s ecosystem offers digital solutions that enhances customer experience by simplifying complex merchant/industry processes. Our partnership with GIIB aims to bridge the existing gap in the motor insurance sector by leveraging our vast network of ONGO merchants and digitising manual processes which involves a lot of paperwork and is time consuming. We are confident that this partnership will improve access to and penetration of motor insurance especially in non-metro cities and towns through a hassle-free and fast digital experience while furthering India’s ‘Digital India’ vision.”
Commenting on the partnership, Abhay Deeip, Founder & MD, Global-India Insurance Brokers said, “At GIIB, we believe in empowering consumers and service providers through the power of technology. Our partnership with ONGO aligns with our vision to make insurance related services more accessible to people across the country. In the recent years, the regulatory developments in the insurance landscape have significantly changed the dynamics of the market enabling us to expand our reach as well as product portfolio to the masses. We are delighted to partner with ONGO; backed by their scale of operation, trusted merchant base and future ready technologies, we are confident about partnership.”