- Unique, Usage-Based Motor OD Insurance Cover
- App-based Motor OD floater policy
- Driver-based, pay-as-you-use model that allows the customer to pay premium only on the days they use the vehicle - To SWITCH on and off as per your needs
- Covers multiple drivers and multiple vehicles under a single policy
- Monthly subscription model – pay premiums in monthly instalments after the initial premium payment
Mumbai July 2nd, 2020: Edelweiss General Insurance (EGI), India’s first cloud native insurer, has partnered with PolicyBazaar, India’s leading web aggregator, to offer Edelweiss SWITCH, an on-demand driver-based insurance, innovative, app-based Motor OD floater policy.
Edelweiss SWITCH, launched under IRDAI’s Regulatory Sandbox, allows vehicle owners to SWITCH their motor insurance ON and OFF and covers multiple vehicles under a single policy. This partnership will enable vehicle owners across India to easily buy this policy on the PolicyBazaar platform.
Shanai Ghosh, ED & CEO, Edelweiss General Insurance, said, “We are very happy to partner with PolicyBazaar and we believe this partnership will help expand our reach digitally and build deeper connections with customers seeking smart motor insurance solutions. Edelweiss SWITCH is extremely relevant in the current context. It has been developed with the specific needs of today’s customer in mind where you may not use your vehicle regularly or may choose to alternate between your car and two-wheeler. It is a great product for customers, offering, savings and convenience together.”
“Sandbox is a welcome and progressive move by the Regulator. It is a great opportunity to provide innovative, relevant and meaningful solutions to address the evolving needs of customers today”, Shanai added.
Sarbvir Singh, CEO, PolicyBazaar.com, said, "We are very happy to join hands with Edelweiss General Insurance to launch Edelweiss SWITCH on our website. We believe that the pay-as-you-use model for motor insurance offers tremendous savings and significant convenience to consumers. These products are the future of the industry and the IRDAI deserves a special mention, for introducing them under the Sandbox platform. Our partnership with Edelweiss General Insurance has been all about working together to create trust-focused, consumer-centric products. The launch of Edelweiss SWITCH, further strengthens our joint commitment to raise the bar of products and services, in the industry.”
What differentiates Edelweiss SWITCH from other Motor OD policies, is that it is the only on demand, multi vehicle floater policy where the insurance is calculated on the age and experience of the driver. Edelweiss SWITCH uses a pay-as-you-use model that allows the customer to pay the premium only on the days they use the vehicle, offering significant cost savings and convenience. Moreover, after the initial premium to activate the policy, the rest of the premium can be paid in monthly instalments, thereby adding to the affordability of the product, making it even more useful and relevant in the current environment. Also, while the policy covers accidental damage when it is switched on, vehicles will be covered 24/7/365 against fire and theft, even if the policy is switched off at that time, since these incidents can happen even if the vehicle is not being driven.
Edelweiss SWITCH can be easily purchased online on www.edelweissinsurance.com or on www.policybazaar.com and activated by simply downloading the app through Google Play/ iOS App stores. It is an easy, simple and convenient solution for the digitally savvy customers seeking quick and hassle-free solutions and offers a whole new way of protecting your car or bike or scooter!
About Edelweiss General Insurance
Edelweiss General Insurance (EGI) is the first cloud native insurer, which started its operations in February 2018, with a digital operating platform and a clear intent and focus to transform customer experience in its category of play. It is also the first insurer to implement the entire SAP insurance suite in India, creating an integrated, robust, scalable and microservices-based, API driven architecture. The company aims to create simple, yet compelling products accompanied with meaningful services, that offer contextual value to the customer. Consumer insight driven strategy coupled with technology-powered execution engine allows them to differentiate themselves in a competitive market. The company is exploring new-age paradigms like design thinking and gamification and exponential technologies like AI/ML, Big data analytics to create new products and experiences making the customer journey simpler, faster and more transparent.
About Policybazaar.com
PolicyBazaar.com is India's largest insurance marketplace and a leading insurtech brand globally. It is the flagship brand of Policybazaar.com Group of companies, that owns fintech brand, Paisabazaar.com, b2b venture, ZPhin.com, and lending & insurance marketplace in UAE region, Policybazaar.ae. The PolicyBazaar.com Group has backing from a host of investors including the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices. Policybazaar.com started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier.
From receiving traffic of 180,000 visitors in 2008, PolicyBazaar.com has come a long way and today hosts over 120 million visitors yearly and records sales of nearly 10 lac transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet-based insurance purchase in the country and is more than doubling annually.
The company has received several accolades in India and globally. The most noteworthy being recognized as India’s top and world’s leading “Fin Tech Innovator” by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for 2015, 2016, 2018 & 2019. It has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express “Best Fintech Marketplace”, Internet & Mobile Association of India (IAMAI) Digital India Award for “Best Financial Website” & “Most Innovating Insurance Service”, IDC Iconic Award for “Tech Implementation leading to Operational Excellence”, Asia Insurance Review Award for "Insurtech of the Year", to name a few.
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