Approved under the regulatory sandbox the general insurance companies are coming up with lot of innovative products.A Sandbox is a workspace through which the insurance companies can test launch innovative financial products.
TATA AIG General Insurance has launched a motor insurance policy which provides you a device called ‘AutoSafe’. The app helps policyholders to save on premiums by selecting the kilometres driven, promotes safe driving, works as anti-theft device as it comes with a GPS-based tracking facility. The AutoSafe app and device is available on all policies offering personal accidental cover to the tune of Rs. 15 lakhs for owner and driver. This app tracks distance travelled by the vehicle, live speed and other driving pattern parameters and offers bonus kilometers for good driving behaviour at the time of the renewal, thus, promoting safe driving habits.
The client can choose between 2,500 to 20,000 kilometers. Customers having exhausted all the kilometres within the policy period can buy additional kilometres by opting for the top-up of 500 to 1500 Km kilometres option.
The ‘Auto Safe’ device is GPS-enabled and is linked to mobile app that records all information, tracks the distance travelled and generates reports about vehicle health, driving patterns, fuel saving, night driving, hard breaking and lot of other reports.
The policy comes with other add-on’s like depreciation reimbursement, daily allowance, no claim bonus protection cover etc.