Tata AIG General Insurance has launched a telematics-based next-gen application and device AutoSafe, which it says helps policyholders to save on premiums by selecting the kilometres driven, promotes safe driving, works as an anti-theft device as it comes with a GPS-based tracking facility.
The telematics device is available on all policies offering personal accidental cover to the tune of Rs 15 lakh for owner and driver, the app also tracks distance travelled by the vehicle, live speed and other driving pattern parameters and offers bonus kilometres for good driving behaviour at the time of the renewal, thus, promoting safe driving habits.
The usage-based insurance (UBI) private car policy for car owners, launched under the IRDAI’s Regulatory Sandbox, is personalised, affordable and offers a customised solution towards the driving profile. This policy includes other value-added propositions like depreciation reimbursement, daily allowance and no claim bonus protection cover among others.
The company says policyholders will benefit from the flexible kilometre-based package that enables savings on premiums compared to conventional policies. The policyholder can choose between 2,500km, 5,000km, 7,500km, 10,000km, 15,000km and 20,000km. Customers having exhausted all the kilometres within the policy period can buy additional kilometres by opting for the top-up option, and select between 500km, 1,000km and 1,500km, thus, helping savings on cost based on usage.
The Auto Safe device is GPS-enabled and is 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. This telematics device or app is fitted or linked to the car as the motor insurance policy becomes active and must be kept throughout the policy period. The information collected is evaluated over time and each driver cum policyholder is allocated points based on performance. Besides, this device contains motion sensor support and generates fuel-saving reports apart from monitoring aspects like hard braking, night-time driving and acceleration. Also, this device guards against fuel slippage and dangerous driving habits.
Parag Ved, executive VP and head- Consumer Lines, Tata AIG General Insurance said, “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, personalised advice based on driving behaviour and the 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 personalised insurance products. The shift towards pay-as-you-drive insurance makes sense in this uncertain time when unnecessary journeys are discouraged, and organisations and employees alike are discovering the benefits of working from home.”