InsureMile announces policy claims services for 220 million policyholders in the country

Insurance aggregator offers to assist 1.1 crore policy holders in policy holders and claim services

• First insurance aggregator in India to offer policy claims services regardless of insurer or policy or type of insurance plan
• InsureMile App offers 24/7 online services to update, cancel policy and renew policies, track claim status, etc
• 1.1 crore policy holders uncliamed money Rs. 15,167 crore with 23 life insurers, are according to IRDAI data
• 11,225 customers have downloaded the app and using our services.

Close on the heels of IRDAI’s (Insurance Regulatory and Development Authority of India) directive asking life insurers to digitize all policies and claims processes, InsureMile, an insurance aggregator, has announces an app that assists policyholders in managing all their policies and claims on a single platform, regardless of insurer or policy. InsureMile is the first insurance web aggregator in India to provide digital services for policy management.

India’s 220 million policy holders can download the free InsureMile app on their smart phones to update, renew or cancel policies, file claims and check claims status anytime, anywhere. Policyholders can also use the app to access emergency services like vehicle towing, road side assistance and ambulance services and convenience services information like police stations, hospitals, traffic situation, etc.  Since its launch in March this year, 11,225 users have downloaded the app.

According to the IRDAI, Rs 15,167 crore money of 1.1 crs policyholder’s is lying unclaimed with 23 life insurers. Unclaimed amounts include any amount payable to a Policyholder as death claim, maturity claim, survival benefits, premium due for refund, premium deposit, not adjusted against premium and indemnity claims etc. that have remained unclaimed beyond six months from the due date for settlement of the claim amount.

Currently, there are no other service providers who offer online policy claims management services of multiple insurers and policies. Policyholders have to personally approach individual insurance companies or use the services of an agent or broker to update their information via pen and paper or track the status of their unclaimed policy amount. 

According to Mallesh Reddy, Co-founder and CEO InsureMile, “A typically policy holder having health insurance with Insurer A and motor insurance with insurer B and life Insurance with insurer C, the policyholder need spend lot time and effort to manage with individual insurer or agent or broker using traditional methods paper and pen.  A digital platform like InsureMile is aimed at simplifying the process while ensuring transparency. Digital policy management reduces the manual effort involved in the insurance value chain, in turn reducing costs. At InsureMile we want to make it convenient and easy to use for policyholders to manage their policies on a single app and reduce the lead time for insurers to disburse claims. We hope to assist as many as 50,000 policyholders with their policy needs in the next six months.”

About Insuremile:  https://insuremile.in/

Insuremile is India’s first financial protection marketplace, founded with the intent to change the dynamics of the insurance sector in India. As an insurance web aggregator, Insuremile enables financial protection to 96% of Indians who are under risk, providing simple, fast and reliable services. The primary aim of the platform is to enhance the user experience by letting customers compare multiple policies at a time before making a choice based on their individual needs.