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Published By: The Economic Times
Published Date: 07-07-2022
The Insurance Regulatory and Development Authority of India announced in a notification that general insurance providers can now offer add-ons for own-damage policyholders. These innovative policies will allow policyholders to customise their motor insurance coverage based on their usage and driving history.
The IRDAI’s announcement allows the introduction of three new categories: “Pay as you drive”, “Pay How You Drive”, and “Floater Policy.” These three categories will give policyholders different coverage options, helping them customise their premiums and insure more vehicles under one policy.
Insurance companies, such as Reliance General Insurance, are eager to use modern technologies, such as artificial intelligence to analyse data and trends and design new policies. Reliance General Insurance’s CEO expresses his view on the impact of this change on policyholders. He believes that the “standard premium for all” approach will now shift to more customised plans.
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