, India

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.

READ MORE: India could soon allow customers to take out loans to buy insurance

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

Join Insurance Asia community
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!

Exclusives

Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.