Chandigarh, June 4, 2020: TATA AIG General Insurance Company Limited launched an innovative telematics-based next-gen application and device 'AutoSafe' today. The app helps policyholders to save on premiums by selecting the kilometers driven, promotes safe driving, works as anti-theft device as it comes with a GPS-based tracking facility. Available on all policies offering personal accidental cover to the tune of Rs. 15 lakhs for owner and driver, this app also tracks distance traveled by the vehicle, live speed and other driving pattern parameters and offers bonus kilometers for good driving behavior 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 personalized, affordable and offers a customized solution towards your driving profile. This policy includes other value-added propositions like depreciation reimbursement, daily allowance, no claim bonus protection cover etc.
Policyholders will benefit from the policy's flexible kilometer-based package that enables savings on premiums compared to conventional policies. Policyholders can choose between 2,500 kilometers, 5,000 kilometers, 7500 kilometers, 10,000 kilometers, 15,000 kilometers and 20,000 kilometers. Customers having exhausted all the kilometers within the policy period can buy additional kilometers by opting for the top-up kilometers option. They can choose between 500 kilometers, 1000 kilometers and 1500 kilometers, 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 traveled 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, nighttime driving and acceleration. Also, this device guards against fuel slippage and dangerous driving habits.
Speaking during the product launch, Parag Ved, Executive Vice-President & Head- Consumer Lines, Tata AIG General Insurance said that 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 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 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.
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