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Motor insurance top seller in metros, ULIP in smaller towns

Motor insurance is popular in metro cities of India, while ULIP and term insurance get sold in the tier 2 & 3 centers of India, according to insurance broking firm Coverfox. Banking Frontiers quotes Devendra Rane, founder and CEO of the firm as saying customers in metros know about Coverfox, while customers in the tier 2-3 centers are familiar with the firm’s activities. “People in the metro cities are largely law abiding; but there is lesser observance of mandatory laws in tier 2-3 centers like buying motor insurance. So, more business comes from the metros,” adds Rane.

Rane explains that Coverfox has introduced an express claims facility for its customers, in which the customer claims are settled within 72 hours. It has also introduced a nominee assistance program for customers, in which it collects all the documents of the nominees of the insurance policy and in unforeseen circumstances, it becomes easier for it to connect with the nominees and help them secure the claims. The company says it has a very simple and easy claim process and it also offers emotional and psychological support to the bereaved nominees through its tie-ups with leading psychologists.

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