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Car Insurance Zuno – Zuno General Insurance has introduced a revolutionary add-on to its car insurance policy called ‘Pay As You Drive’. This innovative feature uses mobile telematics to assess driving behaviour, offering personalized rewards and discounts for safe driving.
New Delhi: Zuno General Insurance has launched an innovative add-on for its car insurance called ‘Pay As You Drive’. This new feature, available to private car packages and SAOD customers, uses mobile telematics to provide an objective assessment of driving behaviour. By implementing telematics in the Zuno app, drivers can check their driving results after each trip, gain insight into their performance and progress towards safer driving habits.
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The Zuno app calculates a “driving score” based on driving behavior that not only helps drivers understand their skills, but also rewards them for driving safely. The floating point is available after the trip and customers can see the potential discount that applies to different point ranges. This point translates into a discount on the total premium amount, which is disclosed at the time of policy renewal, ensuring full transparency and clarity for customers.
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Claiming to be the first company in India to explore Usage Based Insurance (UBI), Zuno has been constantly innovating in this space. The Pay As You Drive add-on is an extension of Zuno’s first UBI offering, the Switch, but takes it a step further by using driving behavior to customize car insurance premiums. This is the first time a company in India is using leadership behavior metrics for this purpose.
By offering significant discounts on policy renewal premiums, the Pay As You Drive add-on not only encourages safer driving but also encourages good driving behaviour. This personalized approach to insurance pricing is a change from traditional approaches, giving customers more control over insurance costs.
Highlighting the benefits of this innovative approach, Shanai Ghosh, President and CEO, Zuno General Insurance said, “This will give customers more control over insurance pricing by personalizing it, which will be a departure from the current pricing approach”.
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Joseph Thomas is a graduate of NISCORT Media College, and currently works as a content editor for Auto-cover and Tech-beats. He has worked in TimesNow for TimesDrive and GadgetTimes for Auto and Tech beats. He likes to explore the latest and trending stories related to Auto and Tech. When he’s not working, he likes to travel, try new foods and play soccer. Apart from the engine, the insurtech will later launch health offerings under the concept of ‘usage-based insurance’, says MD & CEO Shanai Ghosh
Zuno General Insurance, a full-service Insurtech company, plans to expand its portfolio of “usage-based insurance products” this year as thousands of audiences increasingly turn to tailored app-based solutions for their insurance needs, said their director and CEO, Shanai Ghosh. .
There is a lot of appeal for “usage-based insurance” products among millennials these days because it rewards and rewards them for driving safely.
On the anvil is a ‘Pay As You Drive’ offer from Zuno, which comes as an add-on to all car insurance products and collects savings for customers based on how they drive.
Zuno Switch Pay How You Drive
“Based on their driving performance, they will receive rewards. Pay How You Drive will be released in the next 2-3 weeks. We will be introducing many usage-based insurance products this year. Well, we are doing that for car insurance. , we will also be introducing hello later, Ghosh told businessline here.
Although usage-based insurance is more than a decade old, it is a fairly recent development in India.
Car insurance in India can now be customized according to each individual’s driving license and model. “So you get coverage that’s right for you and prices that are tailored to you. Now you can pay for what, how and only how much you use,” she noted.
A recent survey conducted by Zuno General Insurance revealed that the concept of usage-based insurance still has low awareness in the country. About 70 percent of those surveyed – target group 25-40 years old – stated that they were prepared to choose usage-based insurance over conventional options.
Zuno (formerly Edelweiss) General Insurance
While most respondents consider Indians to be safe drivers, they believe that a driving score will help them improve further. Ninety percent of respondents want a driving result to improve driving quality.
“Safe Driving Reward” and “Driving Score” are the main reasons for choosing usage-based insurance, survey results showed. 95% of respondents believe that rewarding safe driving has a positive effect on driving behaviour.
Zuno General Insurance was until recently Edelweiss General Insurance. “Zuno was born (about a week ago) from the belief that all types of insurance should be easy, friendly and transparent. The name reflects our passion and eagerness to make insurance simple, easy and convenient for our customers and partners,” Ghosh said . .
Until now, according to a standard car insurance, there has been no difference in the premium paid by a customer who hardly used the car compared to a car owner with high use. However, this changed with the launch of “Usage Based Insurance”.
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Ghosh said Zuno pioneered this usage-based insurance space by launching SWITCH, the first on-demand car insurance product based on mobile telematics. “Our policy is an app that not only allows you to turn off your insurance on days the car is not in use, but also gives you additional savings based on your driving performance,” she noted.
The results of the Zuno study show that there is a high intention to buy “usage-based insurance” among people who are aware of it. “Today’s customers want tailor-made solutions for everything else. We’ve found that their expectations for insurance are no different. It is heartening to know that customers who are aware of usage-based insurance have found value not only in the savings they will get but also believe that such products will impact safer driving in the country,” said Ghosh.
In recent years, there has been a huge shift in the use of cars for personal mobility. People are becoming more aware of environmental concerns and are trying to carpool/carpool where possible. In addition, many families with increasing wealth have more than one car, one of which can be used sparingly. “When you add to the mix In addition to the combination of driving patterns and driving behavior when driving, the practice revealed in the investigation.
Ghosh also said the company will look to launch more health insurance products this year, including simple health insurance offers. “This simple health insurance product that we believe should largely be a digital product. It’s going to be a simple product, not a vanilla product. Sometimes too much choice is confusing in a category that people don’t understand,” she added. Zuno General Insurance Company Limited is one of the leading insurance companies in India. It was founded in 2016 with the belief that insurance should be hassle-free, accessible and transparent. In a country full of technicalities and seriousness, Zuno General Insurance Company Limited strives to provide easy access to insurance solutions so that its customers do not have to think twice. It is committed to ensuring that every step, from start to finish, is a seamless and easy experience for its customers – enabling them to navigate the world of insurance with ease and confidence.
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During the financial year 2021-2022, Zuno General Insurance Company Limited issued 3,87,780 policies and received over 1,03,262 claims.
Zuno General Insurance Company Limited has won prestigious awards for its impressive services in the insurance industry –
Claims settlement ratio is an important measure that shows an insurance company’s ability to effectively settle claims. It represents the total number of claims settled by the insurer compared to the total number of claims received by it in a given financial year. In the financial year 2021-22, Zuno General Insurance Company Limited had an impressive claims settlement ratio of 88.4%.
An insurance company with a high claims settlement rate is considered more reliable and credible when it comes to fulfilling its commitments. It is also important to assess the insurer’s history of claims settlement rates over the past few years to check if they have maintained consistency.
Car Insurance Online: Buy/renew Car Insurance Policy With Smc
The solvency ratio acts as a crucial indicator of an insurance company’s financial health and reliability. It provides valuable insight into the insurer’s ability to meet its indemnification obligations – thereby demonstrating its overall financial stability.
As per the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers must have a minimum solvency ratio of 150%. This ensures that the insurance companies have sufficient financial resources to fulfill their obligations.
As of March 31, 2023, Zuno General Insurance Company Limited has a solvency ratio of 180%. This reflects their sound financial position, with sufficient resources above the prescribed minimum, enabling them to meet all their financial obligations.
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