Bajaj Allianz has launched a new car insurance
program named Drive Smart, which will decide the price of insurance renewal
premium based on your driving habits. The company will be making use of
telematics (long-distance transmission of information) to source data about
your driving behavior.
Under the current system, insurance is priced based
on four factors - make, model, location, and year of manufacture. However,
Bajaj Allianz now aims to take into account the manner in which a vehicle is
driven, in order to price the insurance depending on the risk factor. Through
this new way of pricing insurance policies, they hope to incentivize good
drivers.
Every customer who opts for the Drive Smart Insurance
package will be given a device that plugs into the car's OBD (On-Board
Diagnostics) port. Since the device works on OBD II ports, it will be
compatible with every car manufactured after 2010. This OBD device then
connects the car to the owner's smartphone. This will not only help the company
to study the driving characteristics of the car during insurance renewal, but
will also provide real-time data to the car's owner. The OBD device will detect
sudden accelerations, harsh braking, or any major impact, and will alert the
owner through the smartphone app.
Additionally, customers will even have an option to
request roadside assistance through the app, in case of an accident. The app
has various other features like a digital wallet, geo-fencing and vehicle
tracking.
The company is also planning to bring out a 'pay as
you go' insurance plan that will price insurance renewal depending on how
frequently a car is driven. This will help those who rarely drive their car,
but need to pay the full insurance amount under the current renewal method.
The policy is currently available only for cars. Drive
Smart Insurance claims that customers can save up to 30%
on the insurance premium at the time of renewal, based on their good driving
habits.
Source:[https://www.team-bhp.com/news/bajaj-allianz-drive-smart-insurance-based-driving-habits]
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