Sandbox: Edelweiss General Insurance gets nod for usage-based motor floater product

Non-life insurer Edelweiss General Insurance has received the regulatory nod for their app-based multi-vehicle floater product under motor own damage. This is part of the sandbox approach insurance policies that will be valid from February 1 to July 2020.

The insurer in a statement said that this product allows users to cover any damage to vehicles via a floater policy. The policy will cover all risk for all vehicles and the cover can be switched on/off as per the requirement of the customer with the flexibility of adding and deleting vehicles as required.

The policy is a floater for multiple vehicles and usage-based. What this means is that there will be premium savings for the customer as compared to having multiple policies for their vehicles

This is an app-based policy and hence paperless. The customer can choose which vehicle is to be insured and can be done on an as-you-use basis.

When it comes to claim settlement, the application claims to be settled through live video, uploaded either by you or your garage.

"The emerging era of shared mobility, makes it a very relevant product, for vehicle owners today where they can pay as per the usage of the vehicle and/or driving behaviour. Further, as the policy covers multiple vehicles in one, it saves you time and any hassle involved with buying multiple policies for multiple vehicles," said Shanai Ghosh, CEO and Executive Director, Edelweiss General Insurance.

Under the sandbox method, entities can launch and test a product with a select group of people for a period of six months.

Of the 173 total applications submitted for consideration under sandbox method, 33 were approved by IRDAI. These include fitness tracker, app-based diabetes wellness programme, wearable devices for existing customers and new customers and wellness programme using trackers.