Policybazaar for Business unveils marine insurance platform Enroute
Since its launch, Enroute has seen high usage among traders (65%) and manufacturers (35%), especially for inland transport, which makes up 80% of all policies sold through the platform.
Image Credit: Suez Canal Authority
Policybazaar for Business (PBFB) has introduced Enroute, a digital platform that slashes the turnaround time for marine transit insurance declarations, certifications, and policy updates from days to mere seconds, leveraging OCR-based uploads and WhatsApp integration to streamline the process.
Policybazaar for Business (PBFB), launched in 2021, is the corporate insurance arm of online insurance marketplace Policybazaar.
The release reads, "Since its launch, Enroute has seen high usage among traders (65%) and manufacturers (35%), especially for inland transport, which makes up 80% of all policies sold through the platform. Businesses are finding Enroute very user-friendly and functionally very advance reducing a lot of their manual work."
"Marine insurance in India has long been underserved in terms of user experience, speed, and transparency. With Enroute, we are solving real operational problems for businesses, be it making the shipment declaration process hassle-free, quicker certificate issuance, or managing the policy efficiently. This is just the beginning of how technology can simplify commercial insurance," said Sajja Praveen Chowdary, Director, Policybazaar for Business.
Some features of Enroute include:
- Declarations and insurance certificates via WhatsApp
- Smart alerts to track coverage usage
- Easy management of policy documents
The platform also helps businesses renew their policies on time, with a current renewal rate of 65% for Marine Annual Open policies. Claims for smaller losses (under Rs 1 lakh) are usually settled in 15 days, while more complex ones take up to 45 days.
Common reasons for claims include damage during loading/unloading, accidents, and jerks in transit. Customers can also add extra coverage for things like temperature-sensitive goods, over-dimensional cargo, and war risks.
Enroute is being used widely in regions such as Raichur (Karnataka), Abohar (Punjab), Tiruvallur (Tamil Nadu), Gurgaon, and Ghaziabad (Delhi NCR). The platform is set to witness more expansion and play a major role in reshaping how businesses across India manage their transit risks.
