Policybazaar.com, an online financial services platform, in collaboration with Chleon is introducing a new model ‘Pay How You Drive’ to calculate the future insurance premium for car drivers.
Policybazaar.com will capture car driver’s behaviour using the Chleon device, and provide the driver with his very own personal driving score.
The driving score with the customer’s permission can be provided to insurance companies who have accepted this model while offering car insurance.
As per the new model, a device will be placed under the car of a consumer and on the basis of a combination of their 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, intimation to police on lost car.
Credit rating
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.”
Chleon is the 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.