No more delays while claiming car insurance! This startups has a solution
Car insurance in India is probably the most overlooked when it comes to actual vehicle protection but motor insurance in India is a $10 bn industry and the insurance claim market stands at more than Rs 1.2 lakh crore nationally.
Car insurance in India is probably the most overlooked when it comes to actual vehicle protection but motor insurance in India is a $10 bn industry and the insurance claim market stands at more than 1.2 lakh crore nationally. It forms the biggest part of the growing general insurance in India. However, filing car insurance has its own hassles and delayed filing, inadequate paperwork, non-adherence to policy conditions are reasons for a majority of claim rejection which is an added difficulties for vehicle owners in India. The situation in dealership garages is even worse with no assistance to customers in getting a claim approved, no updates on claim tracking, terrible downtime etc. This is increasing the loss ratio for car insurance firms which is worrying for the automobile sector which is already reeling under slowdown.
To address this, GoMechanic, built its 'Repair over Replace' model in a way that could for the first time save up to 40% in settlement for the Insurance Companies. They were the first to deploy the concept of KAMs (Key Accounts Manager) at their 150+ network workshops across India. Further, they were the first to offer Cashless Claims Facility through a partnership with 12 leading Insurance Companies across India which has also helped the insurance firms come out from severe losses by speeding up operations and reducing downtime.
Along with Central Cashless Facility, GoMechanic offers network warranties valid across all 150 workshops. As many as, 3 Insurance Companies have gone further and partnered with GoMechanic to settle their direct claims enhancing the first of its kind ‘Claims Experience’ for their customers. Free Pickup and Drop, Genuine Spares and Dedicated KAM Assistance are the key services by the company.
GoMechanic, ventured into the car insurance space Dec 2017, the very next year of its foundation. Starting with just 5 cars per month, the company has now scaled to more than 750 cars till September 2019. It also plans to hike up this figure to 2000 cars by Nov 2019. In addition to offering AMC and preventive maintenance, they are able to extend their support and expertise on insurance claims as well.