India's insurance regulation IRDAI) has allowed general insurers to offer technology-enabled add-on plans for auto insurance policies based on the owners' usage and driving history. Here's what it means for you.
Our social and work habits are just a fraction of the aspects of our daily lives that have been impacted by the pandemic's two protracted years. And because of these changes, everything else in our lives-from where we work to how we commute-has changed, even the way we drive.
While COVID-19 has severely disrupted several industries, they have been looking for ways to adapt to the new way". The same is true for insurers. The relentless digitisation push has led the insurance industry to the brink of a paradigm shift.
As a result of the outbreak, several people have changed their driving habits. To stay up with shifting client expectations, insurance players have been playing catch-up in response to technology's disruption of the insurance market.
One such innovative solution is the introduction of two telematics add-ons, Pay-As-You-Use PAYU) and Pay-How-You Use, which uses Telematics and onboard diagnostics OBD) to track automobiles, trucks, machinery, and other assets PHYU).
What is Telematics?
Telematics is concerned with the long-distance transmission of digital information. The term telematics" is now commonly used in the automotive industry, particularly in regard to monitoring and tracking, which in this case will be monitoring your odometer and GPS data.
This story is from the February 2023 edition of THE INSURANCE TIMES.
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This story is from the February 2023 edition of THE INSURANCE TIMES.
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