Copyright 2016, Forbesindia.com

COCO by DHFL General Insurance makes general insurance simple and fun


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In the universe of insurance products in India, general insurance has received little attention from consumers this far, unless there is a ‘mandatory’ tag attached. This is probably due to the perception of it being tedious to purchase and cumbersome to claim. This perception is endorsed by a study on the insurance industry, released by the Insurance Regulatory and Development Authority of India (IRDAI) in May 2017 (conducted by the NCAER). Covering 30,200 households across the country, it revealed that general insurances continue to be under-penetrated and have considerable scope for improvement. More specifically, over half the sample cited cumbersome processes as an issue.

But all this is set to change with COCO by DHFL General Insurance , a leading InsureTech brand in India. Carefully chosen, the word ‘COCO’ is a combination of ‘Connected’ and ‘Covers’, signifying an always on and omnipresent swathe of insurance protection (cover) in the digitally connected world that reaches people in even the farthest corners of the nation; all it takes is a click on their mobile phones.

Conveyed by a simple tagline - ‘Care More. Have More.’ - COCO is armed with its Brand Purpose: To help customers care more so that they can have more of the things that they value. It urges people to care more about all the things that they love so they can derive more from them and make the most of them. So, for instance, if you take care of your car, you will be able to derive more (go on road trips, take on adventures, make memories) from it. The same goes for your bike, or health, or holidays, etc. In fact, this philosophy encompasses the entire ecosystem around people and the things they love.

In practical terms, COCO is a Digital First platform that aims to reimagine general insurance by making the purchase process simple, relevant and fun for end consumers by integrating evolved algorithms, technology (Artificial Intelligence and Machine Learning) and decades’ worth of experience.

COCO By DHFL General Insurance conducted comprehensive consumer research to understand the perception towards Property & Casualty Insurance and the insights that emerged were that most consumers find it hard to understand the clauses in their insurance plan. There is also a prevalent sense of confusion due to the complexity of the bloated plans, with add-on covers bundled with basic insurance coverages. Further, people perceive general insurance as a drab buying journey that only ends in closing a deal.

Accordingly, COCO by DHFL General Insurance  seeks to change the way insurance talks to people, by understanding the new age Indian and providing great protection for all assets and liabilities that they hold — but don’t always think about.
 
In an effort to facilitate customers, the entire insurance plan selection and purchase journey is online, preempting middlemen and eliminating lack of transparency and intrusiveness that sometimes comes with conventional insurance purchases.
 
After the successful launch of the Third Party Liability product for both two-wheelers and cars, COCO by DHFL General Insurance, the InsureTech brand , has unveiled its new Two Wheeler Comprehensive Insurance Plan – COCORide . This product offers two-wheeler (motorbike, scooter, etc.) owners a comprehensive insurance policy that can be tailored to suit their exact needs. Celebrating individuality, COCORide offers policyholders the highest number of add-on coverage options (a choice of 12 add-on covers). Apart from Zero-Dep, Engine-Protect, Consumables Cover, Roadside Assistance, New-Vehicle-For-Old and Enhanced PA Cover, the customer can avail of EMI Protection and also Outstanding Loan Protection covers as add-ons. Thereby, apart from protection from accidental damage, it also cushions the customer’s family from the burden of a loan taken on the vehicle.

An interesting inbuilt feature is that as customers interact with the COCO  platform, reading blogs, viewing infographics and enjoying videos, the artificial intelligence and machine learning understands their needs and utilizes this information to provide a better customised insurance coverage plan for each unique customer. As a result, while buying the COCORide policy online, the company’s AI (Artificial Intelligence) and Machine Learning solutions provide visitors with hyper-localized and customized suggestions as well as content that is built around each person’s profile.

In select markets, COCORide offers on-the-spot repairs, systems to ensure 100% claims reverted within 24 hours, insurance experts who actively counsel you when you need a human touch, and more. The icing on the cake is that a basic COCORide is available for as little as Rs 586 only.

Describing the genesis of this unique product, Mr. Vijay Sinha, MD and CEO, DHFL General Insurance, explains that with technology permeating through all segments of our lives – personal and professional – it is evident that consumers seek enhanced customized solutions. And in response, DHFL General Insurance combined technology, Artificial Intelligence, Machine Learning and Analytics to create not just unique products for each person but also crafted engaging and fun experiences while buying an insurance policy for oneself and loved ones. Effectively, COCO seeks to reinvent the insurance sector into a world where products are not sold, but actively sought out and engaged with in interesting ways.