Pakistan (Muhammad Yasir)
TPL Insurance, the market leader in innovations underpinned by customer-centricity in the insurance segment, is proud to announce another first in the industry. The company has completed a pilot launch of a new auto insurance product, giving customers more control over their coverage options.
Unlike traditional comprehensive and deductible insurance options, which offer limited flexibility, TPL Insurance’s new product allows customers to select and pay for only the coverage options they want. This means that customers no longer have to pay for coverage they don’t need and can instead focus on the specific risks they face as car owners.
A used car customer may not want to purchase comprehensive insurance as they will have to pay depreciation on parts replacement. However, with TPL Insurance’s new product, customers can also choose to cover their vehicle against theft/ total loss/third party or additional zero depreciation cover in order to avoid paying depreciation for parts replacement. This gives customers greater flexibility and control over their insurance coverage.
The new product is available in conventional and takaful versions, ensuring customers have various options. The base rate for the new product starts at just 0.99%, with the ability to add on additional coverage options at an increased rate. This pricing philosophy ensures that customers only pay for the coverage they need rather than being forced to purchase a one-size-fits-all insurance policy.
“The launch of this new auto insurance product once again reaffirms TPL Insurance’s commitment to customer centricity and innovation,” said Mr Aminuddin, CEO of TPL Insurance. “This product is a testament that we understand our customers have unique insurance needs and financial limitations; this empowers them to customize their coverage for their specific requirements. It is a significant step towards making auto insurance easy and accessible for everyone in Pakistan.”
TPL Insurance has been the number one auto insurer in Pakistan for several years and is known for its fast claims settlement via its app, making it the fastest claim settlement insurance company in Pakistan. The company is committed to using technology to simplify and streamline the insurance process, and the new auto insurance product is another example of this commitment to action.
The pilot is being launched with a partner and a mass market launch is to follow, to make this innovative new auto insurance product available to as many customers as possible.