The working group set up by the Insurance Regulatory and Development Authority (IRDAI) has suggested telematics motor insurance and ‘named driver’ policy for motor vehicles.
Named Driver policy:
It has recommended Named Driver policy as an option for private car and two wheeler policies.
A ‘named driver policy’ as an automobile insurance policy provides coverage only for drivers specifically named on the policy and not for other individuals driving the vehicle.
Telematics:
It is recommended to adopt Telematics for Motor Insurance. A central repository of telematics data can be created where data from various sources flows to create a common pool.
Insurance Information Bureau of India (IIBI), which acts as data repository for insurance companies, can manage the data and its protection
Telematics, or black box insurance, is a car insurance where a small box is fitted to the car. The device will have four components — a GPS system, a motion sensor (or accelerometer), a SIM card, and a computer software.
The black box measures various aspects of how, when and where the car is driven. This data can be used to calculate a personalised renewal quote or premium, or in services like the accident alert and theft recovery.
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