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Insurance without premium: a new dimension in the ride sharing industry

  • Published at 12:40 pm March 10th, 2019
Ride sharing
Photo: Syed Zakir Hossain/Dhaka Tribune

Pathao insurance coverage provides protection to customers and riders

Working in a private company in Dhaka, A K M Arifuzzaman commutes to his work mostly using app-based rides. Last year, during a typical commute in the morning to his office, Arifuzzaman faced a terrible road accident just after crossing the Army camp area in Hatirjheel. He was so severely injured that he spent the next three months in bed, recovering. And to make things worse, he was left with a hefty medical bill for all the procedures, doctor visits, and medication.

As commuting becomes increasingly difficult for Dhaka residents because of a lack of convenient public transport, more people are relying on app-based services. Despite higher costs, it has become the most preferred mode of commuting for a wide section of people across different demographics because of the convenience. But, within the city, all commuters remain suceptible to road accidents, an unfortunate reality that a large number of people deal with every day. 

Realizing the urgent need for it, Dotline Bangladesh and Pathao ride-sharing service have come together to launch a specialized insurance service for all riders and drivers of Pathao. Under the insurance umbrella of Carnival Assure, a customized insurance service of Dotlines, this solution caters to specific needs of ride sharing. 

According to the conditions of the insurance contract, if an accident occurs to any rider or the driver during the ride, resulting in severe injury and restricted mobility, or if the person gets admitted to a hospital after the accident and or passes away, or in case of his/her accidental death, he/she will be provided with a certain insurance amount. The insurance payout amount starts from Tk5,000 to Tk100,000. More remarkably, there is no premium required to be eligible for this coverage. 

Thanks to this, Arifuzzaman, who was riding on Pathao, directly benefitted with the insurance service of Carnival Assure. “Though the loss that one faces physically and mentally cannot be compensated, getting financial coverage really helps in a tough time like this. After the accident, the hospital bill was around fifty thousand taka which was impossible for my family to pay at that time. Because of the insurance, I didn’t have to pay a single penny for my hospital bill,” said Arifuzzaman, who was paid the insurance money within two weeks of the accident. 

A number of Pathao customers have been able to avail this coverage. Borhan and his teenage daughter in Dhaka were involved in an accident while on a Pathao ride and got paid insurance money despite not sustaining any serious injuries. 

‘We fully support our current government's manifesto of ensuring road safety, and Carnival Assure comes forward to make the pioneering step with a unique technology-enabled solution for Pathao. We are committed to creating more such moves to uphold that promise," said Mohiuddin Rasti Morshed, CEO of Carnival Assure.

Hussain M Elius - co-founder and CEO of Pathao Limited - said, “In keeping with the core idea of 'Moving Safely' slogan of Pathao, the idea of insurance service to both rider and driver struck us as very critical. We always give priority to the security of our riders as well as our drivers. Our goal is to get both to their next destination safely”.

Carnival Assure’s insurance partner, Pragati Life Insurance’s Head of Innovation and Alternative Distribution Channel S M Ziaul Hoque said, “Broader use of digital technology, mixed with our insurance domain expertise has given Carnival Assure the edge to reach to the masses. I am sure - such a new form of micro-insurance from Carnival Assure will prove to be revolutionary.’’

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