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India’s first mobile telematics-based auto insurance introduced by Edelweiss

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In accordance with the Insurance Regulatory and Development Authority’s (Irdai) Sandbox programme, Edelweiss General Insurance has introduced SWITCH, a comprehensive motor insurance product. The motor insurance policy SWITCH is entirely digital and telematics-based. Customers will find the app convenient and hassle-free because it immediately activates insurance when the car is driven and senses motion, according to a statement from the insurer.

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KEY POINTS:

  • Customers of SWITCH can save money if they drive safely. This usage-based model assesses the quantity and quality of driving and determines premiums in accordance with those findings.
  • Customers receive a driving grade based on a number of factors, including speeding, distracted driving, and stopping suddenly, among others.
  • You may purchase SWITCH online. Customers can download the SWITCH app from the Google Play Store and the iOS App Store after making a purchase to view their policy.
  • From the point of purchase through claim notification, claim settlement, customer support, etc., the entire product lifecycle is digitised, resulting in a seamless customer experience.
  • After the initial premium is paid to start the insurance, consumers may additionally pay premiums in monthly instalments. The car will be covered against fire and theft around-the-clock, 365 days a year, even though the policy covers unintentional damage while in motion and turned on.
  • As with a standard Edelweiss motor insurance policy, customers can choose from a variety of add-on covers, including depreciation protect, engine protect, NCB protect, roadside assistance, and more, according to the company.

Important Takeaways For All Competitive Exams:

  • Executive director & CEO, Edelweiss General Insurance: Shanai Ghosh

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