Cross Road India Assistance which currently deals with two wheeler and passenger vehicles and provides services in case of vehicle breakdown, will enter into car insurance business. The Company plans to start this line of business from June 2013 onwards and will be fully operational by September 2013.
Cross Road India, established in the year 1999 and having an experience of 14 years, is the first road side repair assistance provider for cars. It provides services across 23 cities with self owned and managed service network. It is also the only service provider recognized as a critical service provider under social security category by the Ministry.
Mr. Harish Lakhera, Chief Executive Officer of the company, confirming on the above, said that they have already recruited the people and at the same time developing the process and plan of the business model. The company, in association with the insurance service provider will distribute its products to vide range of customers, details of which are available in their database.
Describing more, he said that modes operandi would be that they will act as a catalyst or a consultant wherein, at the time of purchase or sale of car by a person, they will inform him regarding the car insurance. As a goodwill gesture, any person buying car insurance from the company will be provided with free road side assistance services.
With regard to its expansion plan, company will invest Rs. 15 – 20 crores in next 2 years for purchase 125 -150 new vehicles and hire 250 – 300 people. It also plans to start servicing in commercial vehicles after the year 2015. With regard to income, company targets gross revenue of Rs. 150 crores as against the present revenue of Rs. 27 crores.