Digital trucking startup Truck Lagbe, which connects truck owners and shippers via web and app, has launched a life insurance facility for truck and pickup drivers on its platform. The new feature will allow registered truck drivers to access life insurance through the Truck Lagbe app for an annual premium.
The insurance is offered in partnership with Guardian Life Insurance, one of the country’s leading insurance companies, and is exclusively for truck drivers who work with Truck Lagbe.
Drivers, registered on the Truck Lagbe app, can purchase a one-year life insurance policy by paying a one-time premium of BDT 450. Under the coverage, if a driver becomes disabled or dies due to an accident, his family will receive up to BDT 1 lakh from the insurance provider Guardian Life Insurance.
Life insurance is available through a number of insurance companies in Dhaka, but a dedicated policy for truck drivers is new. Considering that truck drivers face a high risk of accidents, the facility makes sense and is likely to improve Truck Lagbe’s standing with its driver partners.
The move will likely strengthen Truck Lagbe's moat for truck drivers and owners. A stronger relationship with truck drivers will enhance Truck Lagbe's overall platform effect. Truck Lagbe must ensure seamless supply as competition increases in this vertical, which is inevitable as the industry grows and digitization accelerates across different verticals in Bangladesh.
Drivers are where supply begins and ends. Truck Lagbe has been working hard to build up its demand side to ensure a consistent deal flow on its platform for its driver-partners and owners. And it has successfully been able to build out the demand side of its business to the extent that it can provide regular deals to its driver partners.
One of the reasons truck drivers come to Truck Lagbe is the deals, which are of course the most important reason. Now, Truck Lagbe is giving drivers more reasons to stick around.
In the meantime, Truck Lagbe is working on expanding its platform by adding ancillary products and services for truck owners and drivers such as tyres, GPS tracking, oil, etc.
Anayet Rashid, CEO of Truck Lagbe, said in an interview with FS: "We strive to build an ecosystem for trucking where all services related to trucking will be under one umbrella. In order to do this, we want to bring all trucks under our system. We aim to build an open ecosystem that will benefit all stakeholders in this sector. Through our system, we hope to help owners, drivers, brokers, and everyone in the trucking industry."
Insurance, to that end, is an excellent benefit for truck drivers that can help Truck Lagbe advance its platform goals.