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    Tata-AIG launches usage-based car insurance policy

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    Tata-AIG launches usage-based car insurance policy

    Tata AIG general insurance has launched a telematics-based next-gen application and device ‘AutoSafe’. The app helps policyholders to save on premiums by selecting the kilometers driven, promotes safe driving and also works as anti-theft device as it comes with a GPS-based tracking facility. 

    It’s available on all policies offering personal accidental cover to the tune of Rs 15 lakh for owner and driver.This 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 user’s driving profile. This policy includes other value-added propositions like depreciation reimbursement, daily allowance, no claim bonus protection cover etc.

    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. 

    Speaking during the product launch, Parag Ved, executive vice-president 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, 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 organisations and employees alike are discovering the benefits of working from home.”

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