Edelweiss get IRDA nod for app-based insurance policy for own damage of motor vehicles

Edelweiss General Insurance, one of the leading insurance company has received approval from the Insurance Regulatory and Development Authority (IRDAI) for what is claims is India's first app-based multi-vehicle, usage-based floater policy for own damage of motor vehicle.

The company says as India’s first cloud native insurer it believes in adopting latest technology, which has resulted in its new product that comes with an innovative concept that allows a user to cover any damage to his/her vehicles via a floater policy. The policy will cover all risk for all vehicles and the cover can be switched on/off as per the requirement of the customer with the flexibility of adding and deleting vehicles as required.

According to the Sandbox guidelines the product will be launched only as a pilot and the period for launch and completion is from February 1, 2020 to 31st July 2020, as per IRDAI Operational Guidelines.

In terms of benefits Edelweiss says the policy is a floater for multiple vehicles and usage-based, which means that there will be premium savings for the customer as compared to having multiple policies for their vehicles. In addition, being an app-based product it is completely paperless, it allows a customer to choose the vehicle to be insured, every time they use it. Also, the app allows for claims to be settled through live video, uploaded either by the user or their garage.

Speaking on the development, Shanai Ghosh, CEO and executive director, Edelweiss General Insurance said, “The emerging era of shared mobility, makes it a very relevant product, for vehicle owners today where they can pay as per the usage of the vehicle and/or driving behaviour. Further, as the policy covers multiple vehicles in one, it saves you time and any hassle involved with buying multiple policies for multiple vehicles. It has always been our aim to create simple, yet compelling products accompanied with meaningful services, that offer contextual value to the customer.”