Indian financial services company Edelweiss General Insurance has introduced a new mobile telematics-based motor insurance policy, called Switch.
The policy has been launched as part of India’s Insurance Regulatory and Development Authority’s (IRDAI) Sandbox platform, reported financial daily Mint.
Premiums of Switch can be paid monthly after paying the first instalment of the policy.
Customers can purchase as well as claim intimation, settlement and other provisions of the policy online.
The policy is available on the Switch app, which can be downloaded from Google Play Store and iOS App Store.
The app is designed to sense the movement of the insured vehicle. Once the vehicle makes a move the insurance gets activated automatically.
The fully digital policy provides accidental damage coverage including fire and theft.
According to Edelweiss, Switch estimates the premium on the basis of drivers’ performance, enabling customers to save money.
Switch provides driving scores after taking into account a number of variables including over speeding, unfocussed driving, abrupt braking etc.
Edelweiss General Insurance CEO and executive director Shanai Ghosh was quoted by mint as saying: “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.”
Edelweiss is a part of multinational company Edelweiss Group, with presence over a period of around 20 years.