Vahak collaborates with SecureNow to ease access to cargo insurance for Indian trucking community

Bangalore: Vahak, India’s most-trusted transport community platform, has introduced a collaboration with SecureNow, a number one tech-enabled insurance platform for companies, to supply cargo insurance to the Indian trucking community.

Vahak, co-founded by IITians Karan Shaha and Vikas Chandrawat, is on a mission to digitise the Indian logistics sector, which contributes over 14% to India’s GDP. This logistics tech firm is fostering India’s largest ecosystem of transport SMEs, shippers, and lorry/fleet homeowners on its web site and app, amid the fast-growing $250 Billion logistics sector within the nation.

Karan Shaha, Co-Founder, and CEO at Vahak, stated, “Our imaginative and prescient is to construct a trusted transport community platform that addresses the wants of transporters, fleet homeowners, and truckers for development. While the Indian trucking enterprise stays fragmented and unorganised, and largely not coated underneath social safety advantages, we wish to carry peace of thoughts to the demand and provide sides, serving to them mitigate the monetary dangers related with transporting items.”

Discussing the necessity of the hour, Shaha elaborates, “India transports almost 4.6 billion tonnes of freight yearly, producing transport demand of two.2 trillion tonne-km, as per NITI Ayog. As this demand grows, related highway freight motion is probably going to enhance to 9.6 trillion tonne-km by 2050. And as highway freight journey grows, the variety of vehicles is probably going to greater than quadruple, to roughly 17 million vehicles by 2050. And, so will the pressing want to safeguard the transported cargo.”

Cargo insurance can defend trucking corporations and shippers towards losses due to theft, accidents, pure disasters, and different sudden occasions that may trigger injury or lack of cargo. This might help mitigate the monetary affect of those losses and supply peace of thoughts to each events. Many shippers and producers could require trucking corporations to carry cargo insurance so as to comply with rules or contractual obligations. Failing to have correct insurance protection can lead to penalties and authorized points. Having cargo insurance offers fleet homeowners and truckers aggressive benefit over these that don’t, as they will supply load homeowners and producers an added degree of safety and reassurance, bettering buyer satisfaction and constructing belief in the long term.

India is residence to round 60 million MSMEs, a lot of whom lack the information needed to buy dependable transit insurance on the time of reserving affirmation. Abhishek Bondia, Co-Founder of SecureNow, explains, “Unfortunately, whereas small companies are most weak to accidents, they’re unable to give a big share of thoughts to insurance. Our collaboration with Vahak will assist to carry them into the protection internet. Through this partnership, we’ll make transit insurance extra contextual. Firms should buy their insurance on the time of reserving the transport. This will guarantee greater compliance fee for these companies, higher protection and lesser administrative overheads.”

SecureNow’s tech-enabled platform provides complete insurance options with restricted exclusions and low costs. The pre-buying and post-sale course of permits companies to handle their insurance policies with a number of insurers and lift claims by one widespread platform. With this collaboration, Vahak has added one other key function to safeguard transporters. Vahak had lately introduced its collaboration with Coverstack making digital automobile insurance processes environment friendly, quick and cost-effective.