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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.
Policybazaar.com will capture a car driver’s behaviour using the Chleon device, and provide the driver with his very own personal driving score.
Chleon is provider of a cloud hosted, globally available platform that offers Insurance-Telematics-as-as-Service and allows insurance companies to start usage-based-insurance trials.
The driving score with the customer’s permission can be provided to insurance companies that have accepted this model for consideration while offering car insurance.
According to 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 or her driving skills, the future car insurance premium to be paid would be calculated.
Policybazaar.com and Chleon are also conducting trials with various partners to see how the model works.
Apart from capturing and recording the driving scores of car drivers, the device has added features like a parking fence, geo-fence, family tracking, driving coach, car locator, SoS calling and intimation to police on lost car. According to 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 expect accidents to go down as drivers will benefit financially from safe driving.”
deepa.nair@thehindu.co.in
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