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India’s leading general insurance company, Edelweiss General Insurance has announced the launch of ‘SWITCH’, an on-demand comprehensive motor insurance service under IRDAI’s sandbox initiative.
The app detects motion and automatically activates insurance when the vehicle is driven, making it convenient and hassle-free for customers. This usage-based model measures not only the quantity but also the quality of driving and calculates premium accordingly.
Customers are given a driving score based on several driving parameters such as overspeeding, distracted driving, sudden braking, etc. Simply put, 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, the app will do it for them.
Speaking on the launch, Shanai Ghosh, Executive Director & CEO, Edelweiss General Insurance said, “SWITCH has been designed keeping in mind the changing driving preferences of today’s mobile-savvy customers. We attempt 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.”
“I am extremely thankful to the regulator for allowing us to constantly innovate and provide need-based solutions to customers under the Sandbox initiative”, Shanai added.