Alliance sees increasing demand for corporate employee insurance

Hyderabad: Elephant.in, Alliance Insurance Brokers’ advisory and service department for corporate employees, is seeing increasing demand for various insurance products. In the next 12 to 18 months, the company aims to bring more than 30,000,000 employees on board to take advantage of growth opportunities in Tier 1, Tier 2 and Tier 3 cities.

Elephant Insurance is based on a new insurance model for corporate employees. Companies that register with Elephant.in receive competitive premium offers for their employees. The platform offers 11 retail products including auto, health, travel, home, term insurance and others as part of their wider offering.

Aftab Chaz, Associate Director, Digital Sales, Elephant.in, told Telangana Today, “We work directly with companies and they join us for free. The final transaction takes place between the insurance company and the employees, which is made possible by Elephant.in. Our model enables exclusive prices and advantages. The companies are treated as preferred partner organizations by Elephant.in and thus their employees get better performance. There is also product differentiation in health insurance, which has now become an important segment. “

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To make the insurance process seamless, accessible and fast, Elephant.in has been integrated into a digital insurance advisor insurance model that can help reach employees in the smallest of cities.

“Today we have about 350 companies with 10,00,000 company employees registered on our portal. We use the artificial intelligence-enabled assistant ‘Laxmi’, which helps to profile and understand different employees and to give recommendations as to which insurance product is suitable for an employee, ”he explained.

Growing markets

The company is aimed at both large companies and SMEs. Pan-India, Hyderabad, Bengaluru, Mumbai and Delhi are the main markets, and Tier 2 and Tier 3 cities are also showing increasing demand. Starting in the next financial year, the company plans to expand its sales team in smaller cities in order to meet the needs of group employees there.

When asked about the impact on health insurance over the past 12-18 months, he said: “In the last financial year, health insurance premiums outperformed motor insurance for the first time in the history of the insurance industry.”

Regarding EV insurance, he commented: “There is an increase in EV insurance. We are currently in discussions with EV dealers and insurance companies to bring these offers as part of the auto insurance offerings. “

There is also scope to bring out products that will help employees with loss of income protection, pet insurance, as well as device insurance.

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