Edelweiss GIC had launched the usage-based insurance (UBI) concept about three years ago. Recently they conducted a survey to understand the how Millennial and GenZ individuals felt about UBI policies and their benefits.
The key highlights of the survey revealed –
65% respondents feel that people in India are safe drivers
90% respondents want to get a driving score that indicates how safe they drive
58% respondents are aware of usage-based insurance
70% respondents have strong intention to buy usage-based insurance over other insurance options
Rewards for safe driving’ & ‘Driving score’ are the top two influential factors to opt for usage-based insurance
76% respondents strongly believe that getting a driving score will help improve their driving skills
95% respondents believe rewarding safe driving will positively influence driving behavior
Above findings are very positive for the usage based insurance policies. With IRDAI allowing use and file guidelines, such specialized covers are bound to increase. Positive feedback from the Indian customers are thereby very critical for the insurance companies to come out with more such specialized covers.
A specialised cover like usage based insurance requires fitment of a telematics device in the vehicle for monitoring a variety of statistics of the vehicle. Shanai Ghosh, MD & CEO of Zuno GIC (formerly known as Edelweiss GIC) said “Telematics is a silver lining for motor insurance industry in India. It allows us to offer personalised solutions and experience to our customers. Given the exponential growth of smartphone users in the country, telematics-based solutions will appeal to the digital natives empowering them to see and influence the pricing they get on motor insurance. With the findings of the report, we wish to drive awareness of new concepts like UBI which will not only link premium to your usage and driving but also encourage safe driving practices in the country”.
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