Main features of SWITCH
• India’s first mobile app supported – Motor Policy using telematics
• Pay As You Use car insurance policy
• Drive Safer – Save more all year round. The better you drive, the more you can save on your insurance premium
• Fully digital, app-based, on-demand auto policy
• The application detects the movements of the vehicle and automatically triggers the insurance
• Subscription Based – Customers can now pay auto insurance premiums monthly based on usage
• The claims journey is also fully digital, backed by EGI’s preferred garage network
MUMBAI, India, July 21, 2022 /PRNewswire/ — Edelweiss General Insurance (EGI) has launched SWITCH, India’s first and only comprehensive on-demand car insurance product, as part of the Sandbox initiative of the IRDAI.
SWITCH is an all-digital, mobile telematics-based automotive police. The app detects movement 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 saves customers money if they drive well. This usage-based model measures not only the quantity but also the quality of driving and calculates the premium accordingly. SWITCH is therefore unrivaled on the market as the only car insurance product that generates a real-time driving score and dynamically assesses the premium. Customers are assigned a driving score based on several driving parameters like speeding, distracted driving, hard braking, etc. In simple terms, the better one drives, the better his score will be and the less he will have to pay. In addition, policyholders will no longer need to activate the contract if they use their car, the application will do it for them.
Shanai Ghosh, Executive Director and CEO of Edelweiss General Insurance, said, “SWITCH was designed with the changing driving preferences of today’s discerning customers in mind. Our attempt is to encourage good behavior and ensure that customers pay only as they are used. SWITCH is the nation’s only on-demand automotive product that puts total control in the hands of customers. Pay only for the duration and quality of your ride. “Drive less, pay less; Drive better, pay less” With this, we also hope to encourage people to drive better and safer.
“I am extremely grateful to the regulator for enabling us to constantly innovate and provide needs-based solutions to customers under the Sandbox initiative,” Shanai added.
SWITCH can be purchased online at www.edelweissinsurance.com. After purchase, customers can download the SWITCH app from Google Play Store and iOS App Store to view their policy. The entire product lifecycle is digital, from purchase to claim notification, claim settlement, customer service, and more, providing a seamless customer experience. The policy also allows customers to pay premiums in monthly installments after the initial premium is paid to activate the policy, making it convenient for them. Although the policy covers accidental damage while in motion and on, the vehicle will be covered 24/7/365 against fire and theft as these incidents can occur even when the vehicle is not being driven. Customers can also opt for and benefit from several additional coverages such as depreciation protection, engine protection, NCB protection, roadside assistance and more, such as those offered with a standard Edelweiss car insurance policy. .
About Edelweiss General Insurance
Edelweiss General Insurance (EGI) is a comprehensive Insurtech and one of the fastest growing players in the Indian non-life insurance market. It is a digital insurer that aims to transform insurance by making it simple, user-friendly and transparent. Its digital platform offers fantastic customer experience, innovative solutions and efficient service delivery. It started operations in 2018 and has won numerous awards at renowned industry forums for product innovation and its digital platform. It is the first cloud-native insurer in India and the first insurer to launch an open API platform. It has 2 million active customers and growing omnichannel distribution on digital rails. EGI is present in major digital marketing venues and in partnerships with PolicyBazaar, Phonepe, Ola, ClearTrip, Dunzo, Intermiles, PayNearby, Instakart, Pazcare, to name a few.
A consumer-informed strategy coupled with technology-driven execution is what differentiates EGI in a competitive market. It aims to provide innovative solutions to clients by leveraging market data, analytics and proactive detection.
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