Another competitive sector in automobile sector
Traditionally handled by agents
Auto Tie ups started from 2002 onwards both by public and private insurance companies
Insurance companies, Automobile manufacturers & dealers join together to form these tie ups
Around 20 players are active in the market
National Insurance, Oriental Insurance. New India Assurance and United India Insurance are in the public sector
Major players in the private sector are ICICI Lombard, Bajaj Allianz, Royal Sundaram, Iffco Tokyo, HDFC Ergo, Reliance General, SBI General etc.
Major source of revenue for dealer
Dealer sources business for insurance companies – both new and renewals
Customers will have a single touch point for all his auto insurance needs
Customers can have a hassle free claims process – in terms of claims reporting, settlement and payment of claim amount
Zero depreciation policies are also available in the market
After the detariffing in Insurance sector, the premium for a customer is decided by lot of factors including area of usage, mode of usage, profile of customers etc.
Customers have the option of taking policy online – Major hit to the survival of agents and dealers
Cut throat competition among insurance companies may affect the survival of couple of them
No claim Bonus upto 50% is available to customers for accident free usage
