Edelweiss General Insurance launches India's first on-demand, mobile telematics-based comprehensive motor insurance - SWITCH
Mumbai (Maharashtra) [India], July 21 (ANI/PRNewswire): Edelweiss General Insurance (EGI), has launched SWITCH, India's first and only on-demand comprehensive motor insurance product, under the IRDAI's Sandbox initiative.
SWITCH is a completely digital, mobile telematics-based motor policy. The app detects motion and automatically activates insurance when the vehicle is driven, making it convenient and hassle-free for customers. What makes Switch truly unique is that it also allows customers to save money if they are driving well.
This usage-based model measures not only the quantity but also the quality of driving and calculates premium accordingly. This makes SWITCH unparalleled in the market as the only motor insurance product that generates a real-time driving score and dynamically rates the premium.
Customers are given a driving score based on several driving parameters such as overspeeding, distracted driving, sudden braking, etc. Simply put, the better one drives, the better one's score will be and the less they will have to pay. In addition, policyholders will no longer need to switch on the policy if they use their car, the app will do it for them.
Shanai Ghosh, Executive Director & 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 incentivize 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."
"I am extremely thankful to the regulator for allowing us to constantly innovate and provide need-based solutions to customers under the Sandbox initiative," Shanai added.
SWITCH can be bought online at www.edelweissinsurance.com. Post-purchase, customers can download the SWITCH app from Google Play Store and the iOS App store to see their policy. The entire product lifecycle is digital, right from purchase, to claim intimation, claim settlement, customer service, etc., thereby providing a seamless customer experience.
The policy also allows customers to pay premiums in monthly instalments after the initial premium is paid to activate the policy, making it convenient for them. While the policy covers accidental damage while in motion and switched on, the vehicle will be covered 24/7/365 against fire and theft as these incidents can happen even if the vehicle is not being driven. Customers can also opt for, and avail of, multiple add-on covers such as depreciation protect, engine protect, NCB protect, roadside assistance and more, as are offered with a regular Edelweiss motor insurance policy.
Edelweiss General Insurance (EGI) is a full stack Insurtech and one of the fastest growing players in the Indian non-life Insurance market. It is a digital Insurer that aims to transform insurance making it easy, friendly and transparent. Its digital platform powers fantastic customer experience, innovative solutions and efficient service delivery.
It started operations in 2018 and has won multiple awards at renowned industry forums for product innovation and its digital platform. It is India's first cloud native insurer and the first insurer to launch an open API platform.
It has 2 million active customers and a growing omni-channel distribution on digital rails. EGI has presence across key digital marketing places and partnerships with PolicyBazaar, Phonepe, Ola, ClearTrip, Dunzo, Intermiles, PayNearby, Instakart, Pazcare, to name a few.
Consumer insight driven strategy coupled with technology-powered execution is what differentiates EGI in a competitive market. It aims to deliver innovative solutions to customers by leveraging data, analytics and proactive market sensing.
Website www.edelweissinsurance.com
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Source: Business