Providing massive opportunties to the insurance industry, the platform will initially launch Motor, Health, Marin and will add more insurance products going ahead, according to an official
After launching credit products, the government-backed Open Network for Digital Commerce (ONDC) is planning to roll out insurance products in the platform this week.
Providing massive opportunties to the insurance industry, the platform will initially launch Motor, Health, Marin and will add more insurance products going ahead, according to an official,
ONDC, established by the Department for Promotion of Industry and Internal Trade of Government of India to develop open e-commerce, fostering open interchange and connections between shoppers, technology platforms, and retailers.
“As we expand our collaboration with insurers further, we will add more products for the customers,’’ said an official who didn’t want to be named.
The platform has a big focus on financial services, including credit and insurance, mutual fund products and is in launching these products step by step in the network.
General insurers like New India Assurance, the country’s largest general insurers, ICICI Lombard General Insurance and Kotak Mahindra Genera Insurance and Edelweiss General Insurance have already announced their decision to join the platform.
“We are in a very active discussion with ONDC to onboard our retail products. Many other measures are in place where we expect the overall policy increase and our digital footprint to increase by at least 10 to 15 per cent annually. Considering the digital foray already made by the company, this organic growth will bring in profitable retail customers and sustain the quality of service in the long run,’ Neerja Kapur, CMD, NIA, had tolds Asia Insurance Post earlier.
ONDC aims to democratize e-commerce. This eliminates the need of a buyer and seller to be a part of the same network. As a part of the network, all buyers and sellers, irrespective of the platforms they joined, will be able to discover each other.
The process of onboarding sellers or buyers still will lie with the providers, however, they will now have an option to expand and expose their sellers and buyers to a wider market by integrating with the ONDC network.
Just like how a customer pays a minuscule amount at the Indian railways or an Ola ride, he or she now will have an option to pay for different kinds of insurance for products. This gives a wider reach of customers to the Insurance company and also an opportunity to have new products for such services, said analysts.
Apart from such commercial insurance, insurers can also partner with Doctors, Hospitals that are listed on the ONDC to offer Health and Life Insurance products, said analysts.