Digital insurance portal #39;Toffee#39; launched, will cover millennials#39; lifestyle risks

Published On: 12, Dec 2017 | Source:

Moneycontrol News @moneycontrolcom

A digital insurance portal called Toffee, which will be a mobile-first portal, has been launched to offer insurance policies customized to millennials’ lifestyle-related risks.

Through the medium of a progressive web application, users of Toffee will get a completely digital and seamless experience. Intelligent algorithms at the back-end offer speed and personalisation, reducing purchase time to 90 seconds on average, along with simple claim processing in under two hours.

Rohan Kumar, Co-Founder and CEO, Toffee said, "Using behavioral and real-time data, Toffee has been designed to create personalized and relevant product offerings to essentially disrupt how one thinks about insurance."

Toffee's various offerings are priced between Rs 600 to 1,500 and the policies include Anti-Dengue Toffee (for treatment for Dengue), Commuters Toffee (for daily commuters exposed to accidents), and Globetrotter Toffee (policy for international travel without market/regional exclusions).

The additional product roll out will take place over the next three months, expanding the offering to include Renters Toffee, Backpacker Toffee, and Stay Fit Toffee.

Toffee is founded and developed by Kumar and Nishant Jain, who collectively have over 20 years of experience in digital product development and user experience. It is licensed as an Insurance Corporate Agent.