Edelweiss General Insurance has launched SWITCH “India’s first on-demand comprehensive motor insurance product under the IRDAI sandbox initiative.” The Switch is a fully digital mobile telematics-based motor policy that takes motion and automatically activates insurance when the vehicle is drive-in, making it convenient and hassle-free for customers.
The switch allows customers to save money based on their driving behavior. This uses-based model measures the quantity as well as the quality of driving and calculates premium accordingly. This constructs motor insurance product in the market that gives rise to a real-time driving score/points and incrementally rates the premium.
Customers are given a driving score based on several driving parameters such as overspeeding, destructed driving, sudden braking, etc. Simply put, the better you drive the better your score will be, and the less you will have to pay. In addition policy holders will no longer need to switch on the policy if they use their car the online app will proceed to them.
After the initial premium is paid to start the insurance consumers may additionally pay premiums in monthly installments. The car will be covered against fire and theft around the clock, 365 days a year, even though policy covers unintentional damage while in motion and turned on.
Telematics is a method of monetary cars, trucks, equipment, and other assets by using GPS technology and on-board diagnostics OBD to plot the asset’s movement on a computerized map.
The Insurance Regulatory Development Authority is a Statutory Agency established by the Insurance Regulatory Development Authority Act of 1999. The IRDAI was founded as an independent body with its headquarters in New Delhi. In 2001 its headquarters was relocated to Hyderabad, Telangana.
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