Policybazaar.com, an online financial services platform, in collaboration with Chleon is introducing a new model “Pay How You Drive” to calculate future insurance premium for car drivers.
With this model, Policybazaar.com intends to capture car driver’s behavior using the Chleon device, and provide the driver with his very own personal driving score. This score with the customer's permission can be provided to insurance companies who have accepted this model for consideration while offering car insurance.
Chleon is provider of a cloud hosted, globally available platform that offers Insurance-Telematics-as-as-Service (iTaaS) and allows insurance companies to start usage-based-insurance trials anywhere in the world within four weeks, starting from zero setup costs.
As per the “Pay How You Drive” model, a device will be placed under the car of a consumer and on the basis of a combination of his/her driving skills their future car insurance premium would be derived.
Policybazaar.com and Chleon are also conducting trials with various partners to see the pragmatism of using the captured information. Apart from capturing and recording the driving scores of car drivers, the device from Chleon has added features like a parking fence, geo-fence, family tracking, driving coach, car locator, SoS calling and intimation to police on lost car among others.
Announcing the launch of “Pay How You Drive” model in India, Yashish Dahiya, CEO, Policybazaar.com, said, “Someone who drives safe, can now prove it. It’s just like a credit rating, to carry your own driving score. We also expect accidents to go down as drivers benefit financially from safe driving. Things are about to get tougher for car thieves, the advantage of the Chleon technology is that it’s managed on the cloud, and they have a low cost high tech manufacturing ability.”
Vishal Chatrath, Founder, Chleon said, “The growth of UBI (Usage Based Insurance) has been hindered so far by high cost of solutions and old technical architectures that inhibit innovation. Chleon’s CH-Track Platform bring true Insurance-Telematics-as-a-Service (iTaas) platform that minimises the risk for insurers in deploying UBI. Policybazaar.com has been an excellent innovator in the Indian insurance market and a perfect partner for Chleon in our bid to bring better motor services to the Indian car owners.”