Motor Insurance Claim More Likely When You Renew Your Policy Late, Says a Report

Sedang memuat streaming music...

If you renew your motor insurance policy at least four days before the expiry date then you are less likely to file a claim compared to those who renew it at a later stage, states a report on the behaviour of digital car insurance customers by Similarly, consumers driving petrol cars are less likely to claim insurance in comparison to those who are using diesel or CNG vehicles.

Tarun Mathur, Director,, said, "In India, car insurance policies are priced according to the vehicles and geography but not on drivers, resulting into unanimous pricing for both good and bad drivers. After studying the behaviour of almost 3 lakh Policybazaar customers who have bought car insurance from us, we have been able to analyse their claims pattern and likelihood to claim in future. The report further highlights the strong correlation of claims and digital buying behaviour of the customer."

In India your motor insurance premium is determined by model of the car location and year of manufacturing. But few insurers such as Bajaj Allianz General, have now started offering premium based on driving skills. Under this the company installs a device in your car and an app gets installed in your mobile. After synchronising the two the company gets to monitor your driving behaviour.

Vaidyanathan Ramani, Head- Product and Innovation Center, said, "Across developed markets, car insurance customer gets a price quotes based on a number of personal characteristics besides the description of the car. In India, the current pricing model is a result of channel and cost considerations. We believe that this report and our associated work can help move the market towards delivering personalized pricing". According to the findings of the report, the online car insurance industry, covering the own damage component, is operating at a loss ratio of 76%.

The report titled, "Driving the Digital Way: The World of Car Insurance Buyers" has analysed the behaviour of almost 3 lakh digital consumers. The report analyses the loss behaviour of digital motor insurance customers across parameters such as geography, car brand, amount of no claim bonus carried by the customer, fuel type, car type and vehicle age.

Contact Us . Disclaimer . Mtv Hits Music Copyright © 2018 - All Rights Reserved