Driving score to decide future car insurance premiums seems to be the norm now, and Policybazaar.com in collaboration with Chleon has introduced a new model known as ‘Pay how You Drive’ to efficiently calculate the future insurance premium for car drivers. Using the Chleon device the driving behavior of an individual will be captured providing them with a driving score which will influence insurance premiums that they have to pay.
This driving score with the permission of the user can be forwarded to insurance companies that have facilities to make use of this model while providing insurance rates. Basically this model is like credit rating and will provide drivers with benefits if they have regard for rules and regulations. Additional features like parking fence, family tracking, geo-fence, car locator, driving coach, intimation to police service for lost vehicle and SOS calling are also provided with the Chleon model.
Trials are being conducted to see how the stored information can be sued to make payments of insurance premiums effective in the long run. The new model is powered using advanced cloud technology that provides insurance companies with minimized risk sectors when issuing usage based insurance premium rates.
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 minimizes 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.”