HDFC ERGO Launches Innovative Car Insurance Contract Under IRDAI’s ‘Sandbox’ Program

02 May 2022 17:48 STI

Bombay (Maharashtra) [India]May 2 (ANI/NewsSee): HDFC ERGO General Insurance Company, a leading private sector general insurance company, announced the launch of its “Pay as you Drive” program; an insurance solution that provides remote insurance to . This policy will be more suitable for customers who prefer to drive less or have multiple cars, some driving less than others. This scheme, under the regulatory sandbox, is applicable for 10,000 policies or Rs 50 lacs of premium whichever comes first and is offered exclusively by Maruti Suzuki Insurance Broking Private Limited.
Many customers do not use their vehicle frequently and end up paying the same insurance premiums as daily vehicle users. The “Pay as you drive” program offers the possibility of paying a premium based on the actual use of the car. Driving distance will be measured using an in-vehicle telematics device, allowing customers to save between 10-20% of their “Personal Damage” premium depending on the distance tiles chosen by the customer.
Speaking on the launch of the Pay as You Drive program, Parthanil Ghosh, President – Motor Business, HDFC ERGO General Insurance Company, said, “We have always been committed to delivering products and services that meet customer needs. With the “Pay as you drive”, we are responding to a latent need in the market, in which customers who occasionally drive their car could pay a lower premium proportional to the risk exposure. This technological solution should set a new precedent. in the car insurance segment by providing customers with value and savings based on car usage.”

The program will be available to owners of new Maruti Suzuki cars in select cities until May 14, 2022.
HDFC ERGO General Insurance Company is a joint venture between HDFC Ltd. and ERGO International AG; the primary insurance entity of the Munich RE Group of Germany. HDFC ERGO is one of India’s largest private sector non-life insurance companies. A digital-driven company, transforming into an AI-driven company, HDFC ERGO is a leader in implementing technology to provide consumers with the best-in-class service experience. The company has created a stream of innovative and new products and services using technologies such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), robotics and IBM Watson . HDFC ERGO offers a range of general insurance products and has a fully digital sales process with approximately 93% of retail policies issued digitally. The self-help technology platform developed by HDFC ERGO enabled customers to experience 58% of services virtually in 24/7 self-help mode, with approximately 40% of customers requesting digital services.
The company offers a full line of general insurance products, including health, auto, two-wheeler, home, travel, cyber, agriculture, credit and personal space accident. retail, as well as property, marine, engineering, ocean freight, group health, and liability insurance in the corporate space. Whether it’s unique insurance products, integrated customer service models, best-in-class claims processes, or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every point. of contact and stage to ensure that consumers are served in real time. -weather.
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Justin D. O'Neill