Alliance sees uptick in demand for corporate employee insurance
In the next 12-18 months, the company is aiming to onboard more than 30,00,000 employees tapping growth opportunities across tier-1 as well as tier-2 and tier-3 cities.
Hyderabad: Alliance Insurance Brokers’ advisory and services wing for corporate employees, Elephant.in, is seeing an uptick in demand for varied insurance products. In the next 12-18 months, the company is aiming to onboard more than 30,00,000 employees tapping growth opportunities across tier-1 as well as tier-2 and tier-3 cities.
Elephant Insurance is built on a new model for providing insurance to corporate employees. Companies which register with Elephant.in receive competitive premium quotes for their employees. The platform offers 11 retail products that include auto, health, travel, home, term life insurance and others as part of its broader offering.
Aftab Chaz, associate director, Digital Sales, Elephant.in, told Telangana Today, “We directly engage with corporates and they sign up with us free of cost. The end transaction is between the insurance company and employees, facilitated by Elephant.in. Exclusive pricing and benefits are made possible through our model. The corporates are treated as preferred partner organisations of Elephant.in, and thus their employees get better benefits. There are also product differentiators in health insurance, which is a key segment now.”
To make the insurance process seamless, accessible and quick, Elephant.in has been integrated by a digital and insurance advisor insurance model, which can help in reaching out to employees in the smallest cities.
“Today, we have about 350 corporates with 10,00,000 corporate employees onboarded on to our portal. We use artificial intelligence-enabled assistant ‘Laxmi’, which helps profiling and understanding different employees, as well as enabling recommendations on what insurance product suits an employee,” he explained.
Growing markets
The company caters to both large enterprises and SMEs. Pan-India, Hyderabad, Bengaluru, Mumbai and Delhi are the major markets and tier-2 and tier-3 cities are also showing uptick in demand. From the next financial year, the company plans to expand its sales team in smaller cities to cater to the needs of corporate employees there.
When asked what was the impact on health insurance in the last 12-18 months, he said, “In the last financial year, for the first time in the history of the insurance industry, health insurance premiums have surpassed motor insurance.”
On EV insurance, he commented, “There is a surge in EV insurance. We are currently in talks with EV distributors and insurance companies, to bring these offerings as part of auto insurance offerings.”
There is also scope to come out with products that will help employees in terms of protecting from loss of income, pet insurance as well as gadget insurance.
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