Mumbai: EaseMyTrip.com has launched its new subsidiary, EaseMyTrip Insurance Broker Private Ltd. This move by the company aims to diversify its service portfolio and tap into the insurance market by creating a specialised product to solve customer needs.
The company's insurance foray comes days after it made headlines for suspending flight bookings to the Maldives in the wake of diplomatic tensions between India and the island nation.
The company in its regulatory filing said that the new venture is expected to solidify EaseMyTrip’s position in the industry and cater to the Rs 7.9 trillion market with EaseMyTrip’s own 20 million userbase.
Indiantelevision.com caught up with EaseMyTrip CEO & co-founder Nishant Pitti where he shared insights regarding its new subsidiary and the recent Maldives issue.
Edited excerpts
On EaseMyTrip launching a subsidiary dedicated to insurance services, and aligning with the company's overall strategy
Customer servicing and satisfaction have been our primary focus since the very beginning. Behind every business decision, we have the best interests of our customers at heart. We strive to offer them a holistic travel ecosystem, meeting all their requirements. To elevate their experiences, we made the strategic move of tapping into the insurance sector with EaseMyTrip Insurance Broker Private Limited. Launching this subsidiary is aligned with our growth strategy of diversifying our service portfolio, giving us inroads into the insurance market. Developing a one-stop solution for both the insurance and travel-related needs of customers is a well-thought-out decision to increase our market competitiveness and provide value-added services to them. We are confident that this new addition will help us meet our growth objectives and contribute to the overall development of the Indian travel industry in the years to come. [1]
On specific types of insurance products EaseMyTrip Insurance Broker Private Ltd plans to offer, and cater to the diverse needs of its customers
Launching EaseMyTrip Insurance Broker Private Limited was a strategic move to expand our portfolio and venture into the insurance sector. Through the subsidiary, we aim to offer comprehensive insurance solutions. We will be integrating all the key insurance offerings, including health, life, motor vehicle, and travel, among others, under this insurance wing to tap into customers evolving demand.
On the launch of an insurance subsidiary complementing EaseMyTrip's existing travel services, and advantages it bring to the overall customer experience
The sole reason to come up with an insurance division was to elevate customer experiences and fulfill their demand. When we carried out an internal survey, we observed that more than 75% of people booking their flights online were also purchasing insurance. Having a customer base of 20 million, we believe that nearly 15 million would be purchasing insurance services online. This was a clear overlap and we wanted to capitalize on the same, leveraging our brand value and strong position in the market.
Striving to effectively cater to their needs, we decided to offer a specialized product in the insurance segment, complementing our existing travel services with EaseMyTrip Insurance Broker Private Limited. Serving as the aggregator of insurance, we are clear that we will be focusing on offering high-value products through this subsidiary. We will be leveraging our existing customer base and market presence to carve out a position for ourselves in the insurance sector.
On the company leveraging its existing customer base and brand recognition to promote and grow its insurance services subsidiary
EaseMyTrip is a renowned player in the OTA segment. Our drawcard within the travel industry, which has captured many loyal customers, has been our relentless predisposition to customer satisfaction. The intrinsic values within the team have always been to create relationships with customers that don’t end with the conclusion of a trip but rather bloom after that, since the return rate of customers is important to us. When we conceptualized that we would be entering the insurance market, we just backed ourselves and our market value and created a product suite that was good enough to strike its authority in the market. Our goal has never been to create the greatest hype for our product, but rather to create a product that is hyped by its users, and we believe we've done that.
On market trends that led your company to venture into the insurance sector, and its plan to stay ahead in this industry
The trend towards personalized services in the insurance sector aligns with EaseMyTrip's approach of tailoring offerings to individual customer needs. By entering the insurance market, we aim to provide customizable insurance solutions that resonate with the diverse preferences of our customers, ensuring they receive coverage that suits their specific requirements. This strategic step is geared towards tapping into the thriving Indian insurance market, which stands at an impressive Rs 7.9 trillion and exhibits an annual growth rate of 32-34 per cent, as revealed in our recent exchange filing.
To stay ahead in the insurance industry, we're focusing on continuous innovation in product development, technological integration for enhanced user experiences, customer education initiatives, and strategic partnerships with reputable insurance providers. This approach aims to not only meet evolving market demands but also reinforce EaseMyTrip's position as a forward-thinking and customer-centric travel service provider.
On terms of technology and innovation does EaseMyTrip Insurance Broker Private Ltd plans to enhance the digital experience for its customers and streamline insurance processes
EaseMyTrip Insurance Broker Private Limited aims to revolutionize the digital experience for customers and streamline insurance processes through advanced technology and innovation. The company plans to leverage cutting-edge digital solutions to enhance the overall customer journey, making it more seamless and user-friendly. This includes the implementation of user-friendly interfaces, mobile applications, and online platforms that provide customers with easy access to insurance products and services.
Additionally, the incorporation of artificial intelligence (AI) and data analytics will play a crucial role in automating and optimizing insurance processes. These technologies will enable the company to offer personalized recommendations, faster claim processing, and more efficient underwriting.
Furthermore, EaseMyTrip Insurance Broker Private Limited plans to stay at the forefront of technological advancements, continuously exploring new tools and solutions to improve the digital experience for customers. This commitment to innovation aims to not only meet but exceed customer expectations in the ever-evolving landscape of insurance and digital services.
On EaseMyTrip suspending all flight bookings due to the recent Maldives issues
We have always maintained an attitude of 'Nation First and Business Later’. That will continue to be our motto. It was purely a business decision taken to support the nation and was not politically motivated. However, if you ask us as a brand, we are over the moon to see people flocking to our website and on the app to inquire about Lakshadweep packages, and they are immediately booking too. We are grateful to our customers for their unwavering commitment. It has been long since an Indian tourist location has created this amount of buzz! We are proud to be standing at the forefront of it all and ready to help people visit the pristine islands and explore them fully.
