Use of technology is simplifying complex products like insurance. In line with this trend, Bajaj Allianz General Insurance Co. Ltd has introduced Drive Smart, a new service based on telematics: an integration of information technology and telecommunications. Using this technology we can send, receive and process information from vehicles. This could enable customised insurance policies for cars, which are currently not available in India.
“Till date, insurance is sold on the basis of the make and model of cars, without considering the driving habits of car owners or drivers. Telematics enables the insurer to provide premium discounting based on driving patterns,” said Alok Bhatnagar founder and chief executive officer of easypolicy.com, a web-based insurance aggregator.
