COCODrive - Using InsureTech to meet Unique Car Insurance Needs

Having set itself on a mission to reimagine general insurance in India, by making the purchase process simple, relevant and fun for end consumers, COCO by DHFL General Insurance , a leading InsureTech brand in India, has launched its second flagship retail product – COCODrive comprehensive insurance for car owners . By integrating evolved algorithms, technology (Artificial Intelligence and Machine Learning) this product envisages the distinctive requirements of diverse car owners across the country and enables every customer to choose add-ons that are relevant for their unique motoring needs.

With its refreshing a-la-carte format, COCODrive is the country’s first truly customizable online, comprehensive car insurance policy. Celebrating diversity in India by acknowledging that even in arena of auto insurance, the needs of clients from different regions are bound to differ, this policy is constructed to offer an array of 19 add-ons to choose from.
 
In addition to personal accident cover, for owner-drivers and paid drivers as well as named and unnamed occupants, customers can also opt for add-ons such as EMI Protector and Outstanding Loan Protector. In case of any accidents during the period of insurance, EMI Protector and Outstanding Loan Protector help sort out one’s vehicle financing.

For those who travel to neighbouring nations, in addition to providing coverage across India, COCODrive can also be purchased for protection across countries such as Nepal, Bhutan, Pakistan, Bangladesh, Sri Lanka and Maldives. The product also offers add-ons ranging from reimbursement of one’s lost or damaged valuables to key and lock replacement, tyre replacement and NCB Protect for Non Metallic Repair, amongst others.

This extensive add-on menu is powered by the Company’s use of Artificial Intelligence and Machine Learning solutions during the online purchase process of COCODrive, which is hyper-localized and customized. Accordingly, it is able to make suggestions to website visitors, helping them choose add-ons that are appropriate for their region. So, for example, visitors from Mumbai may be shown the Engine Protector add-on, as the roads have a tendency to get water-logged during the monsoon and this could result in loss or damage to engine and its parts due to ingress of water, that are not covered under regular comprehensive auto insurance policies.

Towards making insurance simple, COCO by DHFL General Insurance demystifies the entire plan for its consumers using simple language and interesting infographics, videos & social media communication. Starting from what the policy covers, in terms of basic and third party risks, to the personal accident insurance protection and all the add-on features possible, COCODrive has been simplified like no other policy in its domain. It also explains essentials like renewals, disclosures, cancellations and escalations in lucid and engaging terms, in contrast to the fine print such terms are usually relegated to. Paying due attention to explaining the claims procedure, it describes the paperwork and steps to be followed, once again breaking it down with easily comprehensible visuals and text. Even the ‘welcome aboard’ communication is crafted as a fun and simple communication that is casual, yet informative.

Explaining the motivation behind the product, Vijay Sinha, MD and CEO, COCO by DHFL General Insurance says, “With the ever-rising number of vehicles plying on the roads today, coupled with the increase in accidents on the roads, owning a motor insurance has become more of an imperative for every car owner in the country rather than an option to consider.

A robust combination of technology, analytics and big data tools have enabled the creation of the country’s first pick and pay motor policy - COCODrive - offering consumers a wide choice of add-on covers, rather than having to buy a bundled product with features he/she would not need. COCODrive ensures that customers have the right protection for themselves, their occupants and of course their cherished car against losses and legal liabilities, if the unforeseen ever occurs.”