HDFC ERGO launches an innovative motor insurance policy under the 'Sandbox' program of IRDAI

Mumbai (Maharashtra) [India], May 2 (ANI/NewsVoir): HDFC ERGO General Insurance Company, a leading private sector general insurance company, announced the launch of its 'Pay as you Drive' program; an insurance solution that offers distance-based insurance to . This policy will be best suited for those customers who prefer to drive less or have multiple cars with some of those driven less than the others. This program, under the regulatory sandbox, is applicable for 10,000 policies or Rs 50 lacs of premium whichever happens earlier and is being offered exclusively through Maruti Suzuki Insurance Broking Private Limited.

A lot of customers do not use their vehicles frequently and end up paying the same insurance premiums as daily vehicle users. The "Pay as you drive" program brings the opportunity to pay a premium based on the actual usage of the car. The driving distance will be measured with the assistance of a telematics device in the vehicle, enabling customers to save between 10-20 per cent of their 'Own Damage' premium based on the distance slabs chosen by the customer.

Speaking about the launch of the 'Pay as You Drive' program, Parthanil Ghosh, President - Motor Business, HDFC ERGO General Insurance Company said, "We have always been committed to offering products & services that address the requirement of the customers. With the 'Pay as you drive' program, we are addressing a latent need in the market, wherein customers who drive their cars occasionally could pay a lower premium commensurate to the risk exposure. This technology-enabled solution is expected to set a new precedence in the motor insurance segment by offering customers value and saving based on the usage of the car."

The program will be available for owners of new Maruti Suzuki cars in select cities up to May 14, 2022.

HDFC ERGO General Insurance Company is a joint venture between HDFC Ltd. and ERGO International AG; the primary insurance entity of the Munich RE Group of Germany. HDFC ERGO is one of India's largest non-life insurance companies in the private sector. A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer consumers the best-in-class service experience. The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), Robotics, and IBM Watson. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~93 per cent of retail policies issued digitally. The self-help tech platform developed by HDFC ERGO has empowered the customers to avail 58 per cent of the services virtually in a self-help mode on a 24x7 basis with ~40 per cent of the customer requesting services digitally.

The Company offers a complete range of General Insurance products including Health, Motor, Two-wheeler, Home, Travel, Cyber, Agriculture, Credit and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health, and Liability Insurance in the corporate space. Be it unique insurance products, integrated customer service models, top-in-class claim processes, or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time.

Please log on to www.hdfcergo.com for more information on HDFC ERGO and the products and services offered by the Company.

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Source: BUSINESS