What is Ethika Insurance Broking?

Ethika Insurance Broking is a new age 100% bootstrapped insurance broking company started by a group of enthusiasts led by Mr. Susheel Agarwal, who made a transition from HR to CEO with Ethika Insurance Broking. Ethika Insurance aims to combine technology with Innovation to make employee health insurance simple and accessible. Ethika insurance has included the concept of Employee well-being and happiness in Employee health insurance, focussing on a well-ignored fact that happy employees perform better. Ethika Insurance Broking was conferred with a broker license to sell both life insurance and general insurance plans. Ethika Insurance Broker is recognised as the best insurance broker for corporate, small, midsize, and large businesses.

What are the services provided by Ethika?

Ethika Insurance Broking offers life insurance plans such as Term life insurance, Pension insurance, Group Life insurance, Investment insurance plans, etc. Ethika also offers non-life insurance plans such as Vehicle insurance, Engineering insurance, construction insurance, Health insurance, Liability insurance, Personal accident insurance, etc. Ethika Insurance Broking is well known for its Group plans, such as Group health insurance, Group Term insurance and Group personal accident insurance.

What are the value adds provided by Ethika?

Ethika Insurance Broking provides value additions to its customers in the form of tailor-made programs such as Employee wellness programs, Employee happiness programs, Employee assistance programs, Employee engagement programs, Group insurance software and Red carpet claims settlement services. Know about each of them in detail here.

Is Ethika Insurance a good choice for insurance needs?

Ethika Insurance Broking is not like any other insurance booking company in India as it tries to offer value-added services to its customers, such as the Employee Happiness Program, which is a unique and novel concept unheard of by the insurance industry in India. Ethika Insurance has a nearly 97% retention ratio, which is one of the highest in the insurance industry. This ratio means that most of the clients are willing to renew their insurance plans with Ethika Insurance, which in turn shows their trust in the company. In addition to these, Ethika Insurance offers all kinds of insurance plans so that customers can get all their insurance needs in one place. Ethika Insurance also makes the best use of technology with the group insurance software that can be linked to any company's HR portal, thereby semi-automating the addition and deletion of employees from the group insurance plans.

How is Ethika Insurance Broking different from other insurance brokers?

Ethika Insurance Broking’s main focus is to make the insurance process pleasant, as insurance has been considered a headache to go through for many people and firms in India for a long time. Ethika Insurance Broking revolutionized the insurance purchase and claim settlement process in India by focusing on adding the most important missing element in group health insurance: Employee happiness. Ethika’s main focus is to address the overall well-being of employees by conducting various activities in addition to insurance coverage. Ethika Insurance provides various value add-ons to clients which go beyond the traditional profit and loss view of an insurance broker.

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Navigating the Road with Ease:
Understanding Fleet Insurance in India

For businesses operating a fleet of vehicles, managing individual insurance policies can be cumbersome and expensive. Fortunately, fleet insurance offers a convenient and cost-effective solution. But what exactly is it, and how does it differ from regular motor insurance? Let's delve into the world of fleet insurance in India.

What is Fleet Insurance?

Fleet insurance, as the name suggests, is a type of insurance policy designed to cover multiple vehicles owned by a single entity under one comprehensive plan. This can include a range of vehicles, from cars and trucks to two-wheelers and machinery, depending on the specific policy.

Benefits of Fleet Insurance

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Convenience

Managing one policy instead of several individual ones simplifies administration and renewal processes, saving both time and effort.

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Cost-effective

Fleet insurance typically offers lower premiums per vehicle compared to individual policies, especially for businesses with a good driving record. This is because the risk is spread across the entire fleet, making it more attractive for insurers.

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Standardized Coverage

All vehicles under the fleet are covered by the same terms and conditions, ensuring consistent protection and simplifying claims settlement.

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Additional benefits

Some fleet insurance policies offer additional features like driver training programs, 24/7 roadside assistance, and cashless repairs, further enhancing value for businesses.

How is Fleet Insurance Different from Motor Insurance?

While both types of insurance provide protection against vehicle damage and liabilities, there are key differences:

Number of vehicles

Fleet insurance is specifically designed for businesses with four or more vehicles, whereas motor insurance is meant for single vehicles.

Customization

Fleet insurance allows for greater customization based on the specific needs of the business, including add-on covers and flexible coverage options for different types of vehicles within the fleet.

Risk pool

Fleet insurance spreads the risk across all vehicles, potentially affecting premiums based on the overall driving record of the fleet, whereas individual motor insurance focuses solely on the specific vehicle and driver.

Things to Consider When Choosing Fleet Insurance

Size and type of your fleet
Different insurance companies may have varying fleet size requirements and specific coverage for different types of vehicles.
Coverage needs
Assess your risk profile and choose a policy that offers comprehensive coverage while considering add-on options like own-damage cover, driver personal accident cover, etc.
Company reputation and claim settlement ratio
Opt for a reputable insurance provider with a proven track record of efficient claim settlement.

FAQ's

How many vehicles are required to qualify for fleet insurance?

While the minimum number of vehicles required for fleet insurance can vary depending on the insurance company, it typically begins with three vehicles in India. However, some insurers may offer fleet insurance options starting with a minimum of two vehicles.

What types of vehicles can be covered under fleet insurance?

Fleet insurance coverage in India primarily caters to commercial vehicles, including:

Cars
Trucks
Two-wheelers (motorcycles and scooters)
Buses
Taxis and rickshaws
Commercial vans
Construction machinery and equipment (subject to specific insurer policies)

It is important to note that not all insurance companies may offer coverage for every type of vehicle within the above categories. Always check with the specific insurer to confirm their coverage eligibility for your particular fleet composition.

What are the common exclusions under fleet insurance?

While fleet insurance offers comprehensive coverage, some common exclusions include:

Driving under the influence of alcohol or drugs
Wilful negligence
Consequential losses
Wear and tear
Mechanical and electrical breakdowns

How are premiums calculated for fleet insurance?

Fleet insurance premiums are calculated based on several factors, including:

Number of vehicles in the fleet
Type of vehicles
Age and condition of vehicles
Driving history of the company (claims experience)
Chosen coverage options

How can I claim under a fleet insurance policy?

The claim process for fleet insurance is similar to that of individual motor insurance. Typically, you need to inform the insurance company immediately after an incident, file a claim form, and submit necessary documents like the FIR and driving license. The claim settlement process varies depending on the specific situation and insurance company.