Bajaj Allianz General Insurance bets big on 2-wheeler package policy, launches first telematics offering

Bajaj Allianz General Insurance is eyeing for 30% of its total two-wheeler insurance sales through long-term package policy by the end of this financial year.

The private sector non-life insurer has already sold 6,000 such policies so far in 2016-17.

Two-wheelers can be insured for up to three consecutive years under this policy which was introduced at the beginning of the current financial year.

“We have already sold 6,000 policies under the long-term two-wheeler package policy which was kicked off on April 1. We are looking at 30% of our total two-wheeler insurance sales to happen through this policy by the fiscal-end,” Bajaj Allianz General Insurance managing director and chief executive Tapan Singhel said on Monday.

The company on Monday launched the industry’s first telematics offering known as ‘drive smart’. The telematics service gives investors real-time feedback on their driving behaviours and helps align itwith their motor premium. This service will be available for customers who buy or renew their motor insurance policy with Bajaj Allianz General Insurance with add-on covers.

“Drive Smart is not just a telematics offering, it is an entire ecosystem related to the car which offers safety, security and convenience to the customers and also assists in savings costs. This service fundamentallycovers three aspects – one, good drivers will no longer have to subsidise cost for bad drivers, two, the safety features would keep customers, their family members and the car secure and three, the customer will be able to save money based on good driving history and patter,” Singhel added.

Customers can opt for this service while buying company’s motor insurance package policy of while renewing their policy. The general insurers is quite positive on the future prospectus of two-wheeler insurance segment as more than 75%of the two-wheeler in the country are not covered at present. Officials also say that, in the last financial year they had sold around 21lakh motor policy.

Motor insurance has seen huge attraction in the last few years in both two-wheeler and car insurance. In the last few months we have seen many insurers selling three-year two wheeler insurance which has been very successful. In the motor insurance segment, gross direct premium income underwritten by the non-life insurers upto the month of August was R19,314.53 crore with R10,302.54 crore for private sector and R9,011.99 crore for public sector companies.

Source: The Financial Express

Date: 27th September,2016

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