Edelweiss General Insurance has launched what it claims to be is India’s first on-demand motor insurance product. The innovative feature of the product is that it activates the accidental insurance cover as the vehicles is set in motion, while the standard fire and theft cover remains active even when the vehicle is parked.
Named SWITCH, this is a fully digital, mobile telematics-based auto insurance policy. When the vehicle is driven, the application detects motion and automatically activates the relevant insurance cover. This makes it simple and convenient for users, the insurer says.
According to the insurer, it allows the users to save money using the subscription-based strategy while operating the vehicle.
“The subscription-based model considers not only the quantity, but also the quality of driving when calculating premium. From purchase to claim initiation, claim settlement, customer service, etc., the entire product lifecycle is digitised, resulting in a seamless customer experience. SWITCH lets users save money based on how much they drive,” the company said in a press release.
The product generates a real-time driving score and dynamically rates the premium. Users are also provided with a driving scoreboard for various driving parameters, such as overspeeding, distracted driving, sudden braking, and so on.
Premiums can be paid in monthly instalments after the initial premium is paid to activate the policy.
According to the company, while the policy covers accidental damage while the vehicle is in motion and turned on, it covers the basic fire and theft additionally when the vehicle is parked. Insurers can also choose from a variety of add-on covers, such as depreciation protect, engine protect, NCB protect, roadside assistance, and more.
Shanai Ghosh, executive director and CEO, Edelweiss General Insurance said: “SWITCH has been designed keeping in mind the changing driving preferences of today’s mobile-savvy customers. Our attempt is to incentivise good driving and make customers pay only as per usage. It is the only on-demand motor product in the country that places complete control in the hands of customers. Pay only for how much you drive and how well you drive. ‘Drive less, pay less; Drive better, pay less’ is what SWITCH is all about. With this, we are also hoping to encourage people to drive better and safer.”
SWITCH can be bought online at http://www.edelweissinsurance.com . Insurers can view their policy after purchasing it by downloading the SWITCH app from the Google Play Store or the iOS App Store.
