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Royal Sundaram’s Innovative Smart Save Add-on: A Rising Need

As India’s automotive industry continues its rapid growth, the need for comprehensive car insurance is becoming increasingly important. With more vehicles hitting the roads each year, the risk of accidents, theft, and damage remains high. While car insurance adoption was low in the past, recent trends show more awareness among buyers to protect their prized assets.

According to a recent report, India’s car insurance penetration was only 3.76% in 2019 compared to 5% in 2016. However, penetration is steadily rising with more players like Royal Sundaram offering innovative products that provide end-to-end support. India’s motor insurance industry is expected to grow at a CAGR of 17% till 2025, indicating the potential for further penetration.

For car owners, insurance is essential to safeguard against monstrous repair bills. The cost of car parts and complex repair requirements can burn a deep hole in one’s pocket without adequate coverage. Comprehensive insurance can cushion the financial blow in case of accidents, theft, riots, natural disasters, etc. Add-on covers provide additional benefits like zero depreciation and engine protection as per individual needs.

While buying coverage is the first step, the claims process poses another major pain point. Lengthy waits for surveyors, denials over nitty-gritties, and running around garages make claims extremely stressful for customers. Therefore, insurers must enhance service quality and make claims settlement as seamless as possible.

Royal Sundaram’s Innovative Smart Save Add-on

Royal Sundaram, one of India’s leading private general insurers, has introduced Smart Save – an Add-on cover that bundles a host of claims services for car insurance customers. It aims to provide timely, hassle-free claims support so that customers can get back on the road faster after accidents.

Benefits of Smart Save:

  • Additional discount of 7.5%, on your Own Damage insurance premium at no additional cost
  • Preferred garage network for hassle-free repair during your claim

In addition to this, part of the best-in-class claims process you get:

  • Free pickup and drop of the insured car for repairs
  • Cashless repairs at Royal Sundaram’s network garages
  • Warranty on replacement parts
  • Quick approvals and car delivery
  • Regular updates on the claims process to keep you at ease

Please note during the claim if repair is done in a garage not listed in the preferred garage network customer will be charged Rs. 3000 as a compulsory deductible.

Once reported, Royal Sundaram will arrange pickup of the damaged car, repair it at a trusted garage, and return the vehicle to the customer’s doorstep. This saves enormous time and effort in coordinating repair logistics and chasing garages. Cashless settlement protects the insured from high upfront costs.

Additionally, a 6-month warranty on parts provides long-term peace of mind. Overall, Royal Sundaram aims to settle motor claims swiftly without any delays and frustrations for the customer.

Smart Save: A Step Forward

While car insurance penetration is gradually rising in India, players like Royal Sundaram are upping the game in claims services which can increase adoption. Smart Save’s bouquet of Add-on benefits provides true end-to-end support to customers after accidents.

India’s motor insurance industry is growing steadily but much work remains to enhance adoption and trust. Companies need to invest heavily in digital channels, data analytics, fraud control, and claims management. Comprehensive products, prompt support and hassle-free processes can make insurance indispensable rather than a forced requirement for car buyers.

As India commemorates 25 years of mandatory motor third-party insurance, insurers need to mirror the country’s growth pace and dynamics. While the regulatory mandate has driven volumes so far, strategic initiatives like Smart Save are imperative to serve customers better in line with their needs and expectations.

For Royal Sundaram customers, Smart Save Add-on helps in getting additional discounts and the overall claims service. It may well emerge as the benchmark for motor claims support as Indian insurers aim for the next level of service experience. For now, it sets the right precedent at a pivotal time for the industry.


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