Cheaper insurance as IRDAI greenlits tech-enabled cover for motor

This will enable Indian insurers to offer analytics-based policies.

The Insurance Regulatory and Development Authority of India has permitted general insurers to introduce tech-enabled concepts for motor own damage covers as part of its first step towards facilitating technology-enabled insurance solutions.

This means that insurance companies may be able to issue cheaper insurance policies using ‘pay how you drive’ policies, where premiums would vary according to the driving behaviours of individuals.

Insurers have also been allowed to issue ‘floater policy’ for multiple vehicles belonging to the same owner.

The Indian regulator introduced this add-ons as part of its bid to increase penetration to own damage insurance cover in the country.

Follow the link for more news on

IRDAI

Also Read

APAC emerges as leader in renewables insurance

Only 14% of rich people prioritise life insurance despite awareness

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

APAC emerges as leader in renewables insurance

RE is projected to account for 45% of global electricity generation by 2030.

Insurance

12 hours ago

Only 14% of rich people prioritise life insurance despite awareness

41% of SEA saw potential family disputes from lack of a plan as top concern.

Insurance

12 hours ago

Zurich eyes to surpass 23% ROE in next three years

It also aims to achieve core EPS with a CAGR of over 9%.

Insurance

13 hours ago

IFRC-DREF triggers insurance payout after disaster relief demands exceed threshold

The policy provides up to $16.92m in coverage.The International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund (IFRC-DREF) has triggered its first-ever insurance payout after disaster relief demands exceeded its deductible threshold.

Insurance

13 hours ago