TATA AIG General Insurance Company has launched a telematics-based app and device called AutoSafe. AutoSafe will be available on all policies offering personal accidental cover of Rs 15 lakh for the owner and driver; it will also offer bonus kilometers for good driving behavior at the time of the renewal.

With the help of telematics, your motor insurance premium can be customised. Unlike a regular motor insurance policy, you will not have to a pay huge premium based on the car make and model rather it will be based on your driving habits under the pay-as-you drive (telematics) policy. The better/lesser you drive, the lower premium you will have to pay for your motor insurance. The technology will also help in roadside assistance and vehicle tracking.

According to the TATA AIG press release, the telematics device or app is fitted or linked to the policyholder’s car as the motor insurance policy becomes active and must be kept throughout the policy period. “The ‘Auto Safe’ device is GPS-enabled and is linked to a mobile app that records all information, tracks the distance traveled and generates reports about vehicle health or driving patterns of the policyholder,” it stated.

“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,” said Parag Ved, EVP & Head- Consumer Lines, Tata AIG General Insurance.

Policy frame work

The usage-based insurance (UBI) private car policy for car owners is launched under IRDAI’s Regulatory Sandbox regulations. It is personalised, affordable and offers a customised solutions towards the policyholder’s driving profile. This policy includes other value-added propositions like depreciation reimbursement, daily allowance, no claim bonus protection cover etc, as per the press release.

Ved said, “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, personalised advice based on driving behavior and the reward.”

How the device works

The information collected is evaluated over time and each driver cum policyholder is allocated points based on performance. Besides, this device contains motion sensor support and generates fuel-saving reports apart from monitoring aspects like hard braking, nighttime driving and acceleration. Also, this device guards against fuel slippage and dangerous driving habits.

How the device helps in saving insurance premium

The app helps policyholders save on premiums by selecting the kilometers driven, promotes safe driving, works as anti-theft device as it comes with a GPS-based tracking facility.

Policyholders will benefit from the policy’s flexible kilometer-based package that enables savings on premiums compared to conventional policies.

Policyholders can choose between 2,500 kilometers, 5,000 kilometers, 7500 kilometers, 10,000 kilometers, 15,000 kilometers and 20,000 kilometers. Customers having exhausted all the kilometers within the policy period can buy additional kilometers by opting for the top-up kilometers option. They can choose between 500 kilometers, 1000 kilometers and 1500 kilometers, thus, helping savings on cost based on usage, as per the release.

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