Edelweiss General Insurance (EGI), has launched SWITCH, India’s first and only on-demand comprehensive motor insurance product, under the IRDAI’s Sandbox initiative.
SWITCH is a completely digital, mobile telematics-based motor policy. The app detects motion and automatically activates insurance when the vehicle is driven, making it convenient and hassle-free for customers. What makes Switch truly unique is that it also allows customers to save money if they are driving well. This usage-based model measures not only the quantity but also the quality of driving and calculates premium accordingly. 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. Customers are given a driving score based on several driving parameters such as overspeeding, distracted driving, sudden braking, etc. Simply put, the better one drives, the better one’s score will be and the less they 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.
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. 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.”
“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.
SWITCH can be bought online at www.edelweissinsurance.com. Post-purchase, customers can download the SWITCH app from Google Play Store and the iOS App store to see their policy. The entire product lifecycle is digital, right from purchase, to claim intimation, claim settlement, customer service, etc., thereby providing a seamless customer experience. The policy also allows customers to pay premiums in monthly instalments after the initial premium is paid to activate the policy, making it convenient for them. While the policy covers accidental damage while in motion and switched on, the vehicle will be covered 24/7/365 against fire and theft as these incidents can happen even if the vehicle is not being driven. 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.
