InsureTech Brand COCO by DHFL General Insurance is changing the way India insures two-wheelers through its unique online offering

By Jerlin Justus|18th Sep 2018
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A report by the Government of India’s Ministry of Road Transport & Highways estimates that 1,47,914 people were killed in road accidents in 2017. Of these, 25 percent involved two-wheelers. What’s even more astonishing is that as per the General Insurance Council of India, approximately 60 percent of automobiles in India are uninsured or have lapsed insurance, and most of these are two-wheelers.

The Motor Vehicles Act, 1988, mandates that anyone who owns a vehicle must have an insurance policy to cover the liable amount for death, injury or damage to property, but most people don’t take this seriously. While it is a known fact that two-wheeler insurance can take care of damages, reduce liability, and compensate your family members in the case of loss, many do not opt for or renew their insurance due to several reasons.

Why motor insurance is overlooked



So, why do 70 percent of two-wheeler owners drive around without being insured? The Indian motor insurance sector is generally perceived as drab and difficult to understand by the average person. The conventional process to get your vehicle insured is time-consuming and tedious. People find it uncomfortable to share information with an unknown agent who usually drowns you with technical jargon. It seems even more complex to invest in a product you don’t understand. Most people also live in the present and don’t anticipate mishaps and tragedy. Taking insurance is also seen as an additional financial burden, and people are willing to risk the penalties of driving without insurance in order to save money in the near term. But if one were to think about the saving from not taking insurance vs. the amount of loss in case of damage with no insurance, the reality is, the latter is much higher.

Simplifying processes

There are not many product differentiators in the insurance market, and most are too complicated to understand. This is where COCO by DHFL General Insurance comes in. The company has launched its comprehensive two-wheeler insurance product called COCORide, which aims to make the purchase process simple and fun for end consumers by integrating evolved algorithms, technology (Artificial Intelligence and Machine Learning) and decade’s worth of experience.

The brand name COCO is a combination of “Connected Coverage” which emerges from DHFL General Insurance’s brand purpose of ‘Connectivity’ in a digital world, and ‘Coverage’ that is wholly based on their offering of insurance protection. They stand by their philosophy 'Care More. Have More.’ and consider motor insurance the need of the hour. COCO is the forerunner in the Indian InsureTech space and is geared towards a digital future where customers can truly understand the insurance they buy and experience what can’t be matched by traditional channels.

Truly customised motor insurance solutions

COCORide offers two-wheeler owners a comprehensive insurance policy in which they can choose their own add-on coverages to suit their exact needs. They can choose from a bouquet of options and add-on covers, at an extremely competitive price. The entire insurance journey is brought online, eliminating middlemen and the lack of transparency and intrusiveness that sometimes tags along with the conventional insurance process. In this technological era, where customers seek enhanced customised solutions, it is only fitting to provide an engaging and fun experience while purchasing an insurance policy. COCORide offers a wide variety of 12 add-on covers, which include Zero-Dep, Engine-Protect, Consumables Cover, Roadside Assistance, New-Vehicle-For-Old, Enhanced PA Cover, EMI Protection, Outstanding Loan Protection covers and more.

A lot of insurance companies have fixed packages with superfluous features. With COCORide, customers can move away from the inflexible obsolete two-wheeler insurance policies and choose an à la carte cover with relevant add-ons based on their need. For instance, an individual in a flood-prone area would require an Engine Protector add-on to protect their engine in case of leakage due to floods, or an Outstanding Loan Protector add-on if they have a loan on the two-wheeler, while others wouldn't necessarily require this add-on.

As the whole process is online, there is no fear of piled up documentation and other complexities - all you have to do is select your bike’s make and vehicle number, and a few other simple steps to create your own customized policy. COCORide is focused on enhancing the customer's experience on the website by providing them with hyper-localised suggestions and customised content that is specifically built for each profile.

The COCORide policy is custom-made for different individuals. They offer add-ons such as Engine Protect as low as 50 paise per day. In select markets, customers have the option of on-the-spot repairs. While the entire user journey is online, all customers can also get on-call access to advice from Digital Experience Specialists during the online buying process.

Our Two-Wheeler Comprehensive Insurance product - COCORide has been created to ensure that two-wheeler owners have access to an insurance cover that is based on their needs and would be able to choose from a one-year, two-year or even three-year policy with add-ons of their choice! They no longer have to depend on what is sold to them as standard features that may miss out on their needs, as they can now customise every bit of their cover.” Mr. Vijay Sinha, MD and CEO, DHFL General Insurance

Changing the face of insurance

It's been more than a decade since insurance opened in India and we have witnessed considerable growth in terms of innovative products being offered. Insurance companies are offering a clutch of value-added services beyond insurance schemes such as customer care packages, roadside assistance and more. 

There is a dire need for companies to differentiate themselves in this technological era and COCO by DHFL General Insurance brings in three invaluable changes that consumers haven't enjoyed so far.

  • True Customisation - COCO by DHFL General Insurance actively understands customer profiles and suggests relevant add-ons. They even take a step further and educate customers on why they would need certain add-ons.
  • AI & ML Integration - Artificial Intelligence and Machine Learning are used on the website to analyse consumer behaviour data to provide an insurance plan that makes sense and engages customers in the most interesting ways. Content, user flows and suggestions on the website are customised based on the information collected from each user's hyperlocal profile.
  • Ultra-competitive Market Rate - COCO by DHFL General Insurance reaches out directly to customers, eliminating middlemen and thus passing on the cost benefit to the customers.

Creating customer confidence

COCO by DHFL General Insurance, with its tagline "Care More. Have More", urges people to take care of the things they love so that they can have more of the same.

COCORide, from COCO by DHFL General Insurance is a comprehensive two-wheeler insurance product, which is already available to the public on www.dhflinsurance.com.