Summary
Kotak Meter is the world's first car insurance with cashback!
Challenge
To increase car insurance penetration in India by addressing the prevalent perception that 'insurance is non-essential and costly' especially in the context of reduced car usage due to the COVID-19 pandemic and the consequent lockdown.
Objective
Insurance is one of the lowest involvement categories in BFSI with negligible customer brand interactions. Kotak General Insurance wanted do the impossible - make insurance a high involvement category.
Strategy
We introduced Kotak Meter - World's First Car Insurance with Cashback. Kotak Meter grants customers cashback for every 24-hour period the cover remains switched off. By allowing users to earn back the money for the times the car insurance was not in use, the app directly addresses the biggest pain point of the industry - 'insurance is expensive.'
Data
Kotak Meter is constantly evolving with new features being added regularly. The app not only allows users to switch on/off their insurance policy, but also keep a track of their other insurance policies, locate nearest workshops and hospitals, raise a claim and track claim settlement status.
Solution
Results
The Kotak Meter app saw 12 average logins to app per month with 7.9 Average bonus days per month, 36% users sharing their carbon footprint savings, and 37 mins average time being spent per month on the app. However, the greatest benefit to the brand was the ability to cross sell other policies to the Meter customer with 7% users buying other policies from the app.
