HDFC ERGO to Launch On-demand ‘Pay As You Fly’ Insurance for Drones with TropoGo
HDFC ERGO, the country’s third-largest non-life insurance provider in the private sector, and TropoGo, a Deep Tech start-up, have partnered to offer commercial drone owners and operators Third Party Liability claims cover for property damage and bodily injuries. This policy is the first-of-its-kind in the non-life insurance segment in India which will be offered on-demand to customers on ‘Pay as you Fly’ concept.
HDFC ERGO – Drone Insurance
In the current pandemic, Unmanned Aerial Vehicles (UAV) or drones are being considered and also actively used actively by State and Central Government in the fight against COVID-19. While the world has come to a grinding halt, drones are proving to be efficient and beneficial for public surveillance, crowd monitoring and; in certain areas; even for delivery of essentials like medicines. Moreover, the use of drones may also become central to various functions of different businesses in future, where humans may be unable to perform the tasks.
Despite the advantages drones offer to its commercial users, the safety towards third-party assets remains unanswered. Addressing this need, HDFC ERGO’s new policy provides commercial drone owners/operators Third Party Liability claims cover which may be incurred while conducting activities like survey, mapping, monitoring, disaster relief initiatives, civil administration services, use during festivals & events, property management and travel & tourism purposes among others. This cover will be offered to registered drone owners and operators holding a commercial drone pilot’s certificate or a license issued by certified training schools in India.
Commenting on the launch of the new product, Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance Company Ltd., “The risk landscape continues to evolve. With the advancement in technology, new risks are emerging that open up new horizons for us to offer innovative products. Today, drones are becoming more and more popular in events and other outdoor commercial activities, which require skilled professionals to operate them. But, mistakes in operating and equipment failure may cause damage to third parties. Considering this we are launching this cover under our Aviation Insurance, which is a first in the industry, to safeguard drone owners and pilots from any third-party liability while flying a drone commercially.”
Mr. Sandipan Sen, Founder & Product owner, TropoGo said, “Third-Party Liability insurance is mandatory for drone operations, and there has been a demand from the Indian Drone Community for Insurance as well. Unfortunately, until now, no insurer offers such a cover and the flexibility to buy the policy through a digital platform. We identified this as the problem statement and partnered with HDFC ERGO General Insurance to offer India’s first on-demand ‘Pay As You Fly’ Third-Party Liability cover for drone owners and operators that is Smart, Affordable & Fit-for-Purpose.”
TropoGo mobile app will be available for both Android and iOS users, which will allow registered members to choose a policy cover based on the duration of time the drone is being used. Members may opt for 4 hours, one-day, or a one-month cover to insure themselves against third-party liabilities. For more information about the policy cover, drone users can log on to www.tropogo.com or download the TropoGo app on their Android or iOS based mobile phones, or simply connect with a HDFC ERGO General or TropoGo representative.
About HDFC ERGO
HDFC ERGO General Insurance Company Ltd. is a 51:49 joint venture between the Housing Development Finance Corporation Ltd (HDFC); India’s premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. HDFC ERGO, the third largest General Insurance provider in the private sector, offers the complete range of general insurance products including Motor, Health, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space and Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space.
Over the last few years, HDFC ERGO has constantly endeavoured to not just align itself to the evolving market needs, but instead be a pioneer in terms of its offerings. Having its ears to the ground has helped the Company create a stream of highly targeted new products and AI-based tools and technology. Be it unique insurance products, integrated customer service models, top-in-class claim process or a host of technologically innovative solutions.
With a wide distribution network and a 24×7 support team, the Company has been offering seamless customer service and innovative products to its customers.
For more information on HDFC ERGO and the products and services offered by the Company, please log on to: www.hdfcergo.com
TropoGo is a Deep-Tech start-up, working on Real-time Risk Management platform for Smart and connected products of the future. Starting with Drones, TropoGo will be the first integrated, single sign-in platform that will cater to every need of the Indian Smart Tech ecosystem.
For more information on TropoGo and please log on to: www.TropoGo.com.