Tata AIG launches telematics-based motor insurance to save premiumsPosted on: June 9, 2020, by : Rakesh Sashmal
Tata AIG General Insurance Company Limited on Thursday usage-based insurance (UBI) private car policy for car owners under the IRDAI’s Regulatory Sandbox, the company said in a release.
It will be available on all policies offering personal accidental cover to the tune of Rs 15 lakhs for owner and driver.
This policy includes other value-added propositions like depreciation reimbursement, daily allowance, no claim bonus protection cover etc.
The policy also offers a kilometre-based package that enables savings on premiums compared to conventional policies.
The company also brought out ‘Auto Safe’, a GPS-enabled device linked to a mobile app that records all information, tracks the distance travelled and generates reports about vehicle health or driving patterns of the policyholder.
It helps policyholders to save on premiums by selecting the kilometres driven, promotes safe driving, works as an anti-theft device.
Speaking during the product launch, Parag Ved, Executive Vice-President & Head- Consumer Lines, Tata AIG General Insurance said, “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.”
He further added, “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.”