The online Sri Lankan insurance comparator Insureme.Ik [4], has launched the "Per Day Motor Insurance" in partnership with the insurers Fairfirst Insurance, HNB General Insurance, People's insurance and the telecommunications service provider. It is the first per day insurance policy.
The price of the cover, starting from 125 Rs (0.71 USD) per day, is very affordable. The tariff takes into account the type and value of the vehicle insured. Underwriting is made exclusively via the Insureme mobile application.
The platform offers different products of the same type issued on the market by local companies. This new concept is welcomed in a country where the majority of drivers is not insured. The complexity of insurance policies and their high cost impede the development of motor business.
The initiative could revolutionize the insurance market in Sri Lanka.
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