Thailand’s insurance penetration rate stands at a mere 1.7 percent, and its insurance gap (represented by premiums as a percentage of GDP) is 0.3% (US$1.5 billion), making it amongst the top 25 countries with the most significant insurance gaps in the world.
With the Covid-19 pandemic raging and nation-wide lockdowns restrictions, food delivery services have seen a surge in demand. As food delivery riders meet this increasing demand, they spend more time on the roads, increasing their risk and exposure to accidents.
To address rider welfare and the new challenges brought about by the pandemic, foodpanda Thailand wanted to provide its riders with a suitable protection plan that equips them with relevant insurance coverage during the course of their work.
Partnering with foodpanda Thailand, Igloo created a competitively-priced PandaCare - comprising motor, personal accident and hospitalisation income protection - that covered riders while providing a seamless claims process and customer service support.
These motor, personal accident and hospitalisation income protection products (provided by MSIG Insurance, Cigna Insurance and Tune Insurance respectively) all have been intricately developed to meet the concerns faced by riders while on the road. Under PandaCare, riders are compensated for basic hospitalisation inpatient (IPD) fees and for their vehicle damage on the road.
The competitively-priced premiums are charged based on the model of the rider’s vehicle for motor insurance, and PandaCare’s end-to-end management of the customer journey allows a fuss-free and seamless user experience for the riders.
With PandaCare, Foodpanda showed their continuous commitment to understanding the challenges their riders faced and supporting them by seeking out like-minded partners like Igloo to design customised protection for over 10,000 of its riders.