The competition for Tesla’s insurance partners in India is heating up, with Bajaj Finserv Ltd. and ICICI Lombard General Insurance Co. joining the fray. Both companies are in early discussions with Tesla to form non-exclusive insurance partnerships, according to sources familiar with the matter. This comes after Tesla launched its first showroom in India, which has seen significant demand.
Although Tesla has already chosen Acko and Liberty General Insurance as its preferred insurers in India, it is open to partnering with additional insurance providers. However, any decisions on new partnerships will be made by Tesla’s insurance departments in Hong Kong or Singapore.
The partnership between Tesla and Indian insurers hinges on the company obtaining a Motor Insurance Service Provider (MISP) license from the Insurance Regulatory and Development Authority of India. This license will enable Tesla to distribute and service motor insurance policies for vehicles sold through its dealerships, effectively acting as a bridge between the insurer and the customer.
It is expected to take another month or two for Tesla to secure the MISP license, after which it can onboard more insurance partners. Bajaj Allianz and ICICI Lombard are keen to secure a slice of the pie, and their discussions with Tesla are ongoing. NDTV Profit has reached out to both companies for comments on the story, but no official response has been received yet.
The development of Tesla’s insurance partnerships in India is significant, given the company’s growing presence in the country. With its first showroom launch, Tesla is poised to expand its operations, and securing the right insurance partners will be crucial to its success. As the company navigates the Indian market, it will be interesting to see how its insurance partnerships evolve and which other players join the fray.
For now, Bajaj Finserv Ltd. and ICICI Lombard General Insurance Co. are waiting in the wings, hoping to secure a partnership with the electric vehicle maker. The next few months will be critical in determining the outcome of these discussions and the future of Tesla’s insurance partnerships in India. With the MISP license expected to be granted soon, Tesla will be well-placed to expand its insurance offerings and provide a seamless experience for its customers.