For consumers who want their vehicle insurance plans to be hassle-free, Edelweiss General Insurance (EGI) has introduced SWITCH, a first-of-its-kind on-demand, mobile telematics-based comprehensive motor insurance.
Launched as part of the IRDAI’s Sandbox programme, SWITCH is a fully digital solution that offers money saving opportunities for good drivers. Due to the subscription-based nature of the automobile insurance, consumers may choose to pay the premium on a monthly basis, depending on usage.
View policy after purchasing by SWITCH app
SWITCH is available for purchase online at www.edelweissinsurance.com. Customers can view their policy after purchasing it by downloading the SWITCH app from the Google Play Store or the iOS App Store, Edelweiss General Insurance said on July 4. “When the vehicle is driven, the app detects motion and automatically activates insurance, making it convenient and hassle-free for customers,” it said.
Customers can save money if they drive well
The unique nature of the SWITCH vehicle insurance allows customers to save money if they are driving well. “This usage-based model considers not only the quantity but also the quality of driving when calculating premium. This makes SWITCH unparalleled in the market as the only motor insurance product that generates a real-time driving score and dynamically rates the premium,” said Edelweiss.
Customers are given a driving score based on several driving parameters such as overspeeding, distracted driving, sudden braking, etc. Therefore, the better you drive, the better your score will be and the less you will have to pay. In addition, policyholders will no longer need to switch on the policy if they use their car as the app will do it for them automatically.
Customers with option to pay premium in installments
The entire product lifecycle is digital, from purchase to claim notification, claim settlement, customer service, and so on, resulting in a more seamless customer experience. Customers can also pay premiums in monthly instalments after the initial premium is paid to activate the policy, making it more convenient for them.
While the policy covers accidental damage while in motion and switched on, the vehicle will be covered 24×7 round the year against fire and theft as these incidents can happen even if the vehicle is not being driven, Edelweiss said in the statement. “Customers can also opt for, and avail of, multiple add-on covers such as depreciation protect, engine protect, NCB protect, roadside assistance and more, as are offered with a regular Edelweiss motor insurance policy,” it said.
Talking about the policy, Edelweiss General Insurance executive director and CEI Shanai Ghosh said, “SWITCH has been designed keeping in mind the changing driving preferences of today’s mobile-savvy customers. Our attempt is to incentivize good driving and make customers pay only as per usage. It is the only on-demand motor product in the country that places complete control in the hands of customers. Pay only for how much you drive and how well you drive. ‘Drive less, pay less; Drive better, pay less’ is what SWITCH is all about. With this, we are also hoping to encourage people to drive better and safer.”
