Kotak GI launches Meter, a private car insurance add-on

Mumbai: A private sector non-life insurer, Kotak Mahindra General Insurance Company has launched add-on Meter (switch on/switch off) cover available with private car insurance policy.

On opting for the Meter (switch-on/off) add-on, users have to download the Kotak Meter Mobile App available on Play Store or App Store, which allows the vehicle owners to switch their car insurance coverage ON and OFF based on usage, at the click of a button.

Through a simple Switch ON and OFF feature on the mobile application, customers are awarded a reward day for every continuous 24 hours, the cover is turned off, when the vehicle is not in use. Accumulated reward days can be redeemed either by getting discount in renewal or cashback, upto 40 per cent of Own Damage (OD) premium at the end of the policy term.

Talking to Bizz Buzz, Suresh Agarwal, Managing Director and CEO, Kotak General Insurance Company, says, "We have launched the product under Sandbox and so far, we have already sold 3300 policies with a total premium of Rs 50 lakh."

The add-on feature will be available as an add-on by adding Rs 250 to the premium, he said, adding, 45 per cent of our total business comes from motor insurance segment.

Demand for need based insurance cover has been on a rise particularly post Covid. With hybrid and work from home policies coupled with higher fuel prices and increasing inflation has witnessed a change in driving preferences by most vehicle owners.

This drove us, he went on, to bring out a customer friendly Switch On and Off feature as an add-on on our car insurance policy. With the new tech-enabled insurance policy 'Meter', we want to treat all customers fairly and reward those customers who drive less. This, we think, will help in customer retention as well as help understand and serve our customers better following their driving behaviour, he said.