TunePro: Better Driver, Lower Insurance

Pay-How-You-Drive

TunePro: Better Driver, Lower Insurance

Tune Protect Group CEO Razman Hafidz Abu Zarim tells AWANI's Market Talk about the potential usage of data analytics beyond vehicles in the insurance space.

Data analytics is changing the face of insurance industry. One-size-fits-all approach premiums may soon be a thing of the past with the uptake of data mining technology to offer more personalized products to consumers.

Garnering keen interest among local players is the use of Telematics data, a method to monitor the ‘behavior’ of a vehicle.

Think of it as a pay-how-you-drive policy, when applied to pricing a motor insurance.

The insurer installs a tracking device on a vehicle that collects speed, location and position. These information will then be analyzed and fed into a driving score.

The pricing mechanism is simple. The better a driver is, the lower the cost of insurance

The uptake of telematics or Usage-based Insurance (UBI) among local players have been encouraging.

Last July, AXA Affin General Insurance became the first company in Malaysia to launch telematics-based motor insurance plan via FlexiDrive.

In September, Allianz Malaysia Berhad, Etiqa Insurance Berhad and Etiqa Takaful Berhad signed an MoU with data analytic and tracking startup Katsana to boost the adoption of UBI through DriveMark.

In the same month, Tune Protect Group also partnered with telco Digi to implement telematics in vehicles.

Tune Protect Group CEO Razman Hafidz Abu Zarim tells AWANI's Market Talk about the potential usage of data analytics beyond vehicles in the insurance space

 

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