Toffee Insurance Partners with Wildcraft, Launching Bag Insurance for India

Toffee Insurance, an all-digital insurtech company, has joined hands with Wildcraft, an Indian outdoor and adventure products brand to introduce bag insurance for the first time in India. Toffee Insurance’s Backpack Insurance will be made available with the purchase of any Wildcraft bag Rs. 1,299 and above. Toffee Insurance’s Backpack Insurance will be exclusively available at all 145 authorized Wildcraft brand outlets for a limited time. This is the first time an innovative insurance format has been brought on board targeting a younger audience towards an initiation into financial service products.

Mr. Rohan Kumar, CEO & Co-Founder, Toffee Insurance, speaking on the collaboration, said, “Launching a market-first alongside Wildcraft, a brand name highly popular among the younger segment,  is a proud moment for us. This is another step on our journey to make insurance relevant, affordable and accessible across new non-traditional categories. Toffee Insurance is creating modern insurance for a digitally-savvy, tuned-in audience. By offering relevant context to insurance, we’re able to reach a younger demographic and introduce them to financial services at an early stage. This partnership with Wildcraft aids in our goal is to ease the entry into financial service offerings. We want to encourage the adventurers, while also allowing them to see the value which the right insurance can provide to their lives.”

About the Backpack Insurance policy

  • covers theft and loss
  • valid for six months from the date of purchase
  • zero depreciation at time of purchase

The policy allows for seamless integration with paperless transactions and real time policy issuance.

Activation steps:

  1. At the time of purchase, the customer sends an SMS to Toffee Insurance.
  2. The customer will receive an activation link.
  3. Users then follow the link to activate the policy via their invoice receipt. The digital insurance policy is received within the minute.

On this unique association, Mr. Gaurav Dublish, Co-Founder of Wildcraft shared, “We value this partnership with Toffee Insurance to introduce India’s first bag insurance. We know that for our customers, their bags are a treasured personal possession and the fear of losing it, is but natural. Hence, we are certain that this association, ensuring coverage for their Wildcraft bag, is a strong value addition for our customers.”

Toffee Insurance co-creates and curates insurance policies for the modern world, creating context for insurance. They are reimagining insurance, offering non-traditional insurance to provide value based on a users’ unique lifestyle related risks. This partnership with Wildcraft highlights Toffee Insurance’s commitment to better serve the young demographic.

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Insurance has been too complicated and expensive for too long, so in 2017, co-founders Rohan Kumar and Nishant Jain, created Toffee Insurance to make it simple and sweet. Toffee Insurance is a digital insurance intermediary based out of India that offers affordable and customized products for the uninsured. Funded by Kalaari Capital, Omidyar Network and Accion Venture Labs, Toffee Insurance is partnered with major insurance manufacturers to co-create mass market products that are relevant.

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