Bharti AXA General Insurance has become the latest entrant in the travel insurance sector with the launch of SmartTraveller that offers global coverage to students, individuals and frequent travelers. The policy offers a choice of two plans catering to needs of:
- Individuals and family through a variant Annual Multi Trip International travel insurance plan that covers geographies including USA and Canada, Schengen (enlistment under way); Asia excluding Japan and worldwide including Japan.
- The second plan covers students in the age group of 16 to 40 years and is extended to USA and Canada and rest of the world.
The travel insurance plan can be either bought through the company’s official website or mobile application. Speaking on the launch Mr. Milind Chalisgaonkar, interim CEO and MD, Bharti AXA General Insurance stated, “The distinguishing factor of our policy is that the basic version of our travel insurance product offers 11 or more benefits that equip travelers to manage nearly any problem they may face. Additionally, our partnership with AXA Assistance ensures that we provide seamless end-to-end claims assistance globally.” In 2014, India’s travel insurance market was pegged at Rs 450 crore, thereby developing at a rate of 15-20% year on year. Added by Mr Chalisgaonkar, “Bharti AXA General Insurance presently enjoys a 4.2 per cent market share in the general insurance category. We are new to the travel insurance market and in the coming future we aim to be among the top five companies.”
Echoing similar views, Ms. Rachna Sethi, CEO, AXA Assistance India said, “We manage over 30 global 24*7 alarm centres. One such alarm centre is located in Delhi. This means that we are all the more equipped to render services to our Indian clients in their local language.”
Currently, the company is looking at tying up with corporate brokers, travel agents, visa processors among others to bolster product awareness and expand its customer base in India.
Source= This news was published on April 14, 2015 in financialexpress.com under the title: Bharti AXA General Insurance forays into travel insurance market in India.
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