TATA AIG General Insurance Company has launched a telematics-based app and device called AutoSafe. AutoSafe will be available on all policies offering personal accidental cover of Rs 15 lakh for the owner and driver; it will also offer bonus kilometers for good driving behavior at the time of the renewal. Tata AIG General Insurance has joined the list of a select few insurers to offer usage-based insurance cover to private car owners which reduces the overall premium payout. Know What is Pay As You Drive Insurance?
Policy and Insurance Coverage:
The new policy called 'AutoSafe' uses telematics-based next-gen application and device to track the usage of the car and decide on the premium. The app helps policyholders save on premium by selecting the kilometers-driven, promotes safe driving, works as an anti-theft device as it comes with a GPS-based tracking facility.
'autoSafe' uses a telematics-based new-gen application and device to track the usage of the car and calculate the premium accordingly. Customers are free to choose between Kilometres range-2500Km, 5000Km, 7500Km, 10,000Km, 15,000Km, and 20,000Km. If all your kilometers are exhausted during the policy tenure, you can extend their kilometers from 500Km to 1500Km. The company said this scheme is available on all policies offering personal accident cover up to Rs.15 lakh for the owner as well as the driver. Find out more about the list of countries contributing to the success of Usage-Based Insurance
Role of Telematics:
The telematics device works as an anti-theft alarm as it comes with GPS-based tracking functionality. The device is either fitted or linked to the car as long as the insurance policy is active. It comes with a motion sensor and generates fuel-saving reports apart from monitoring hand-braking, nighttime driving, acceleration, and dangerous driving habits. Read more about Telecom Companies foray into Telematics to Drive Revenue
Mr. Parag Ved, Executive Vice-President of Tata AIG Comments on the Improvement:
“At Tata AIG, we have always been persistent in our approach to provide customers with innovative and practical solutions. With the regulatory sandbox permitting telematics-based solutions, insurance will evolve to become more intuitive and responsive to the customer's needs. We are meticulously working to arrive at new ways to enhance the experience of our valued customers. The value proposition is based on value-added services, personalized advice based on driving behavior and reward. Technology innovations can change the insurance paradigm, gone are the days when it used to 'one size fits all' approach. It is time for personalized insurance products. The shift towards 'pay-as-you-drive' insurance makes sense in this uncertain time when unnecessary journeys are discouraged, and organizations and employees alike are discovering the benefits of working from home.“
Change in Approach:
Times are changing, so does the approach undertaken by insurance companies. Insurance companies are changing their 'one size fits all' approach to more affordable personalized options for premium payment so that premium payment doesn't seem like a burden. Last month, Edelweiss General Insurance had also launched a similar option offering similar benefits. Know more about the Future of Insurance Telematics in the UK?
Policy Framework:
The usage-based insurance (UBI) private car policy for car owners is launched under IRDAI’s Regulatory Sandbox regulations. It is personalized, affordable, and offers customized solutions towards the policyholder's driving profile. This policy includes other value-added propositions like depreciation reimbursement, daily allowance, no claim bonus protection cover, etc, as per the press release. Know more about the meaning of Food Truck Insurance and What does it Cover?
Contact our Insurance Telematics Specialist today to know more about how Traxroot's Pay As You Drive (PAYD) Insurance programs can assist keeps track of distance traveled, live speed, driving patterns, generates fuel-saving reports, nighttime driving, acceleration, fuel slippage and bonus kilometers for good driving practice. We can help you set up a ready to market UBI program in less than 24 hours.
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