Insurance Industry in Pakistan is taking a major initiative by introducing a world class product which allows customers to get their vehicles insured themselves via online for the number of days of their own choice on daily / weekly / monthly basis. This feature would not only give the full control of Insurance Plan in the hands of insurer but would also reduce the insurance premium to such a level that it will be in the reach of almost anyone who owns a vehicle.
ALPHA CONSULTANTS, a consultancy firm primarily engaged in Insurance/Takaful of Auto Sales business. Majority of the management team consists of professionals who have a vast experience in the field of Insurance/Takaful. It was felt that there is a very big vacuum in Insurance/Takaful industry as most of the people living in Pakistan are not much aware about Insurance / Takaful and the benefits / advantages related to these products. The major reason of this ignorance with regards to Insurance/Takaful industry, according to our analysis, was that our products are priced / designed keeping in mind a certain target audience and not everybody. The available products are far beyond the capacity of a large portion of our population who might want to avail Insurance/Takaful benefits but just cannot due to the unawareness and pricing of the products being offered. After stretched brainstorming sessions and multiple practical endeavours, we at ALPHA CONSULTANTS were convinced that a lot of new users of Insurance/Takaful, especially in the Auto Sector can be attracted / created if we bring some innovation in our product by developing it from the user prospective and affordability.
Keeping in mind this finding, we at ALPHA CONSULTANTS conceived an idea to come up with a
- Insurance/Takaful product that is affordable and user oriented,
- suits and safeguards the interest of a consumer / end user rather than a service provider,
- and in this manner try to improve / attract more audience to Insurance/Takaful industry ultimately benefiting the industry.
After having a good discussion and thorough thinking involving a few Insurance/Takaful companies, brokers and reinsurers as well, the management at ALPHA CONSULTANTS started following the idea to cover the vehicles of corporate as well as individuals on a One Trip basis. This idea was very difficult to work on but with the grace of Allah and non-exhausting efforts of the entire team, it is finally delivered and available to use at www.onetripInsurance.com Or www.onetriptakaful.com.
- This is totally a web based solution where anybody whether an individual or corporate can get registered free of cost as a member by completing a basic information form.
- Once registered, the member gets a login email and password (self-set during registration and changeable at any stage) through email to move further.
- The member has to login using the email and password and go to the main page of our software and select the box “Add Vehicle” and fill the detail/s of the vehicle/s (either 01 or any number of vehicles that is required to be covered) along with certain details of the individual or company (as advised by SECP). Press DONE once all information is entered. If the member needs to add another vehicle, the same process has to be repeated. Soft copy of 05 pictures of the vehicle, CNIC/NTN & Registration of vehicle has to be at hand at this stage.
- Next is premium / contribution amount. The member has to go to box “ADD PAYMENT”. According to the applicable rates with respect to the value of the vehicle (available at the welcome page) and the number of days to be insured, one comes to know the exact value of the required amount to be deposited / transferred into the given account (let’s say vehicle value is between 700,000 to 1,499,000, the per day rate is 125 rupees and you want a trip of 6 days. It would be like 125 x 6 = 750 so you need to deposit Rs. 750). The company account number is given at this page. In case the member deposits more than what was actually required to be deposited, the extra amount will stay in the members account with one trip insurance for use against any next trip. In case the amount is less, the system will not allow to start the trip and a message will appear on screen to deposit more amount. Soft Copy of the deposit slip / screen shot of the online transfer should be at hand at this stage. Press DONE when finished with this section.
- As soon as the payment is credited, the member will receive an email confirming the receipt. Status will also reflect on the members screen under heading “TOTAL BALANCE”. Payment can be through online transfer or deposit in account of Alpha Consultants.
- The member now needs to move on to box “START TRIP” and enter the detail of trip / tenure for any of the registered vehicles that is required to be covered along with a bit of information required by SECP. This starts from one day coverage and can continue for 365 days or any desired period in between. Here the client has the option to mark the OFF DAYS as well if required. Press DONE when finished with the trip details.
- Once the trip details are entered, the member can see on screen the amount which is utilised against the trip and the available balance as well under Total Balance button.
- At this stage the member will receive a cover note for the trip through email for the selected time.
You are good and set to start enjoying the facility.
- In case of a claim, user needs to login again and report the claim electronically through the software under heading my claim . A brief detail has to be shared by filling in the required boxes. In case an eligible third party is involved, the client has to enter third party details as well. Selection of workshop out of the given workshops and choice workshop options are also present. Appointment of surveyor, workshop, etc. will all be done electronically till the client gets the vehicle back from workshop.
A very user friendly process where it hardly takes five minutes to get your vehicle insured.
The software is designed to assist the member in certain areas with regards to the covered vehicles. Some of the features available are as follows
- Details of Insured Vehicles
- Detail of every trip of every insured vehicle
- Balance status
- Detail of balance utilized against every trip
- Detail of balance utilized against every vehicle
- Detail of claims by user
- Detail of claims by vehicle
- Expiry of coverage details date wise
The same information will be available to the Brokerage Company as well through their portal.
Backed by A + RATED INSURANCE & TAKAFUL COMPANIES
Main Features of the product is:
- Full comprehensive Insurance/Takaful
- No pre inspection required
- Third party covered up to a limit of PRs. 3.0m per incident
- Term of Insurance/Takaful can be as less as one day
- No lump sum payments required, Frequency of payment is according to the selection of client
- Zero depreciation for vehicles as old as 10 years
- 50% depreciation for vehicles older than 10 years
- No CV4 Clause for commercial vehicles
- All SSS workshops on board
- Choice workshop option available
- Needs no notices for termination and refunds
- Deductible of PRs. 5,000/- on each and every claim
- Premium rate remains the same for all makes and durations
- No tracker requirements
- Rate remains the same irrespective of term purchased
- Applicable throughout Pakistan
Soft Copies of required documents:
Members are advised to have a soft copy of the following documents at hand which are required to be attached while completing the process:
- Copy of Registration Book for the vehicle being covered
- Evidence of deposit (premium) once deposited
Additional Documents as advised by SECP, GOP
- Business Card / Employment Card
Sole Proprietor Ship
- Business Card / Employment Card
- Declaration Of Sole Proprietor Ship on Letter Head
- Copy of Registration Certificate of the Company
Partner Ship & Companies
- Attested copy of Registration certificate of Company
- Identification Documents copy all directors / partners
- Certificate of Incorporation
- Ownership Structure
- List of directors on latest form A, Form B, Form 29, whichever applicable
- Accidental Death coverage (optional) @ Rs. 500,000/- per person per trip is available