‘Toffee’ is the digital-only insurance platform looking to distribute specially-designed products to cover lifestyle risk of people in the age bracket of 25-35 years, referred to as milennials. According to Rohan Kumar, co-founder and CEO of Toffee, these will be simplified offerings, customised to cover specific risks at an attractive price point.

Toffee, a corporate agent, currently curates products from general and health insurance companies, including Apollo Munich, HDFC Ergo and Future Generali, and it has already rolled out various offerings, priced between Rs 600 and Rs.1,500. These include Anti-Dengue Toffee (for treatment for dengue), Commuters Toffee (for daily commuters exposed to accidents), and Globetrotter Toffee (policy for international travel without market/regional exclusions).

“We plan to roll out seven more products, including Renters Toffee (covering theft and repair of goods), Stay Fit Toffee (to cover injuries while working out) and Backpacker Toffee (for domestic travel) in the next one month,” said Kumar The platform claims to reduce 90 seconds purchase time on an average along with simple claim processing within 2 hours. The start up was launched about 5 weeks back and plans to tap 50 million digitally active users on social media from Tier – II and II cities. According to Kumar, there has not been much ‘product innovation’ across the insurance industry in the recent past. A majority of the offerings are ‘blanket products’ which have same structure and contours for people of all groups.

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