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India’s first cloud-native insurer, Edelweiss General Insurance (EGI) on Thursday announced the launch of ‘Edelweiss SWITCH’, an app-based Motor OD floater policy to allow vehicle owners to SWITCH their motor insurance ON and OFF based on the usage.
In a statement issued, Edelweiss Insurance said, “Launched under IRDAI’s Regulatory Sandbox, Edelweiss SWITCH is driver-based insurance, where insurance is calculated on the age and the experience of the driver.”
“Edelweiss SWITCH is a pay-as-you-use model that allows customers to pay only on the day they use the vehicle, offering significant cost savings and convenience. Customers can use the app to SWITCH their policy cover ‘ON’ and ‘OFF’, depending on whether they are driving that day,” the statement added.
“While the policy covers accidental damage when it is switched on, vehicles will be covered 24/7/365 against fire and theft, even if the policy is switched off at that time, since these incidents can happen even if the vehicle is not being driven,” Edelweiss in its statement said.
Speaking on the product launch, Shanai Ghosh, ED & CEO, Edelweiss General Insurance said, “At Edelweiss General Insurance, our focus has always been to create simple and innovative products that are relevant and provide tangible value to our customers. Edelweiss SWITCH has been developed with the specific needs of today’s customer in mind, where you may not use your vehicle regularly or may choose to alternate between your car and two-wheeler.”
“Driver Based Insurance will mean lower premiums for policyholders, as they will only pay as per usage. In addition to this, being able to cover multiple vehicles under one policy will add to the savings, especially for those customers who own multiple vehicles,” Shanai added.