New age insurance company, Acko General Insurance announced a strategic partnership with DriveU, an on-demand driver service to launch a one of its kind trip insurance product – DriveU Secure.
DriveU Secure is a trip cover for car owners who hire on-demand drivers on the DriveU platform to drive them to their destination. The insurance product covers local travel such as commute to work & back, shopping, running errands, being driven after parties, clubs and bars, airport travel, etc. as well as outstation rides, both one way and return travel. The unique proposition includes cover for any damage to the vehicle done during the ride up to a limit of Rs. 10,000 or 20,000 depending on the value of the car. It further offers an insurance cover towards medical expenses, medical evacuation and hospital stays in case of injury to the passengers and the driver. With DriveU Secure, a huge advantage is that by availing this product, the car owner’s existing no claim bonus and insurance policy on their car can remain unutilized and undisturbed.
This insurance can only be purchased from the DriveU app at the time of making a booking. The coverage period begins at the start of the ride and lasts till the end of the ride. The customer can create a claim via the DriveU app or at the Acko website by logging in with the number on which the trip is booked. DriveU Secure is live on the DriveU app and can be availed by consumers with immediate effect.
Rahm Shastry, CEO at DriveU said, “As India’s leading on-demand driver service, DriveU strives to offer the best quality experience to its customers. While DriveU provides a cost-effective alternative to having one’s own private driver, having an add-on, optional trip insurance would offer the peace of mind to our users. The innovative DriveU Secure product adds a layer of security and protection that makes booking a driver an even more compelling proposition. We are excited to partner with Acko, given their commitment to providing users with the most cost-effective insurance product, while ensuring ease of use and a seamless experience.”
Kulin Shah, Vice President Partnerships at Acko said, “Acko plans to continue introducing such innovative products which ensure that consumers secure different aspects of their daily activity, in an easy, frictionless and seamless manner. Our partnership with DriveU is just another example of integrating insurance into the daily lives of consumers.”
The pricing for the DriveU Secure insurance products would vary from INR 10 to INR 40 depending on the type of vehicle and nature of the trip. The damage cover offered for SUVs and luxury cars, is much higher than the cover offered for hatchbacks and sedan cars. The DriveU Secure insurance for passengers covers death and hospitalisation and also provides a cover for loss of baggage. For outstation trips the insurance provides protection for home content against fire and burglary. The driver policy offers death and disability covers.
About Acko General Insurance
Acko’s General Insurance Company is a new age online insurance policy provider with its entire operations offered through the digital platform. Founded in 2016 by Varun Dua, a fin-tech serial entrepreneur, Acko will provide innovative products with personalized pricing based on customer behaviour and data analytics.
Acko has raised a total of USD $42mn till date, having raised one of the largest seed rounds for a start-up in India. The company is backed by Narayan Murthy’s Catamaran Ventures, Accel and SAIF Partners, Kris Gopalakrishnan, Co-founder Infosys, Hemendra Kothari of DSP Blackrock, Atul Nishar – Founder & Chairman of Hexaware Technologies, Rajeev Gupta, veteran investment banker and Founder of Arpwood Capital, Venk Krishnan and Subba Rao of NuVentures, Swiss Re & Transamerica Ventures.
DriveU is India’s first and the largest on-demand private driver service. Founded in July 2015, DriveU has experienced phenomenal growth over this time. With over 5,000 drivers in Bengaluru, Mumbai, Chennai, Delhi NCR, Pune and Hyderabad, DriveU plans to field 10,000 drivers by the end of 2018. DriveU has served over 500,000 trips to over 150,000 customers and 70 businesses.
DriveU offers curated drivers for personal vehicles and businesses, by implementing the best practices in technology, driver verification, training methods and on-road experience for both in-city and inter-city travel – one-way and round trips. The DriveU App is available on Android and iOS-based mobile devices and offers a seamless mobile booking, tracking and payment platform. Customer may also book a driver online at www.driveu.in or via phone at 8880712345.
DriveU is venture-backed by Unitus Ventures and by various Silicon Valley angels.
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