Most fatalities in road accidents are young Indians, with 72% falling in the age group of 18-45 years and 14% of these are pedestrians, making a strong case for mandatory third party bike insurance. Given that 60% of families in India have a single earning member, the untimely death or disability of a young earning member of the family, can be devastating for everyone.
The Motor Vehicle Act makes Third-Party insurance compulsory for every two-wheeler, in conjunction with Personal Accident insurance for owner-driver. However, in reality, more than 60 percent of two-wheelers in the country still remain uninsured.
To address this problem, InsureNearby, the brand promoted by Nearby Technologies, has launched two-wheeler insurance in association with Bharti Axa and GoDigit. In just about a quarter since inception, InsureNearby has certified more than 25,000 POS agents and are clocking more than 10000 policies a month.
Murali K Iyer, CEO and Principal Officer, InsureNearby, says, “Partner retailers are trained to educate consumers on the hazards of not having insurance and how it could hazard the welfare of the rider, his family and third parties impacted in an accident. They are also trained to educate customers about the new Motor Vehicles Act and how insurance is mandatory for their own protection and for securing their family’s future. We hope to insure every rider in India and create a secure and responsible driving culture in the country.”
InsureNearby will embark on a journey to train their vast network of 7.5 lakh retail agents, registered under its sister organization PayNearby, and convert them into POS agents. The geographical reach of these last-mile retail outlets will enable the company to provide insurance to marginalized customers in the most far flung towns and villages of the country. The aim is to create a force multiplier, where people who have never sold insurance are trained to sell to people who have never before bought the product. The objective is to Insure India and make protection available for all.