Toffee Insurance launches bag insurance for Wildcraft customers

Digital-only insurance platform Toffee Insurance has partnered with outdoor products company Wildcraft to offer bag insurance in India.

This backpack insurance will be available with the purchase of any Wildcraft bag worth Rs 1,299 or more. The price of the insurance product is in-built into the bag's final price.

Rohan Kumar, CEO & Co-Founder, Toffee Insurance said that by offering relevant context to insurance, the company will be able to reach a younger demographic and introduce them to financial services at an early stage.

The backpack insurance policy covers theft and is valid for six months from the date of purchase. It also has a zero depreciation rate.

In an interaction with Moneycontrol, Kumar said that at a later stage they could customise the product based on individual needs.

"When we collect adequate data, we will be able to understand what are the customer needs. For example, those buying high-end Wildcraft bags may require an insurance product that covers against damages to the bag during use," he added.

At the time of purchase, the customer needs to send an SMS to Toffee Insurance, following which they will receive an activation link. Once the activation process is completed, an e-insurance policy will be received.

"We know that for our customers, their bags are a treasured personal possession and the fear of losing it, is but natural. Hence, we are certain that this association, ensuring coverage for their Wildcraft bag, is a strong value addition for our customers," said Gaurav Dublish, Co-Founder of Wildcraft.

Founded by Nishant Jain and Rohan Kumar and launched in beta in December 2017, Toffee is a platform aimed at providing contextual and relevant insurance offerings to a growing youth demographic.