Pune, June 9: When a deluge of insurance products hits the market and theinvestor is inundated with smart sales talk, a consumer would need help tozero in on the right choice. First Policy.com is readying itself to play animportant role in that situation. An insurance vortal, First Policy.com, hasgone live in anticipation of the coming boom. The soul of the vortal is apowerful insurance configurator that would work out the best possible dealto suit the individual's requirement. Once a deal is finalised, First Policywill move on to fulfillment of the transaction and liase with the insurancecompany to deliver the product at the doorstep of the investor.First Policy has been promoted by Elpro International, an engineeringcompany, and incubated by Web Communities.com, the technology arm of Elpro.At present the company is keen on retaining its independence and will not beoffering ownership to insurance companies.
Similar models have been used successfully worldwide but this is the firsttime that such a service has been introduced in India, says SurbhitDabriwala, CEO of Web Communities.com (India) Ltd. "We are also among thefirst portals to come out with a privacy policy the day we went live,'' hesaid. Depending on the insurance policies, First Policy would deciding onits status and function as a broker. The company's main revenue stream wouldbe commissions. Dabriwala does not plan to go to town with his project.
First Policy's methodology is to do a dispassionate, across the boardanalysis of all options available and offer the best choice with maximumsavings in insurance cost, explains First Policy CEO, Ashok Jain. "Insurancecompanies will never talk about the fine print while agents would alwayspush policies that fetched higher income for them -- but we stand for theconsumer and the configurator ensures the best options reaches them", saysJain.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.