Edelweiss General Insurance (EGI) has launched SWITCH, an on-demand comprehensive motor insurance product, under the IRDAI’s Sandbox initiative. SWITCH is a digital, mobile telematics-based motor policy which allows customers to save money on motor insurance premiums by following good driving practices. Moreover, further savings can be done by switching off the policy when the vehicle is not in use.
Ahead of the launch of SWITCH today (July 4, 2022), Shanai Ghosh, Executive Director and CEO, of Edelweiss General Insurance, shared all details of the policy in an e-mail interaction with FE Online. Edited Excerpts:
Why is there a need for usage-based motor insurance policies in India?
The answer to this question lies in another question, which is, would you like to pay for what you don’t use? Customers are increasingly demanding simple, personalised motor insurance solutions. They want to be in control of what they use and pay only as per usage. Motor insurance is necessary to protect your vehicle against uncertain events and currently, it needs to be paid for the entire year irrespective of vehicle usage. Taking note of the change in consumer behaviour and expectations, we have leveraged the IRDAI Sandbox platform to bring usage-based motor insurance to the Indian market.
The Sandbox allows digital insurers like us to come up with innovative product propositions that work well for today’s digital customers, giving them the much-needed personalisation and control, along with savings, convenience, and ease. In my opinion, usage-based motor insurance is here to stay. I am hoping that what is under the Sandbox programme, will become a mainstream product soon, benefiting consumers.
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