As a part of its future plans, Zuno (formerly Edelweiss General Insurance) has been planning to launch India’s first motor insurance policy specifically designed for the electric vehicles segment.
Shanai Ghosh, MD & CEO, Zuno shares that while EVs are getting insured under motor insurance policies and have add-ons like extended coverage on battery life, motor, etc, the business case is still not very clear.
It is expected that Zuno will launch an EV-specific motor insurance policy in Q2 FY2024.
Zuno claims to be the first company in India to embrace digital adoption and introduce many industry-first features such as – a switch-off policy when the vehicle is not in use, an AI voice bot for automated motor claim registration, an on-demand mobile telematics-based insurance policy, pay as-you drive and out-of-network cash advance among others.
Ghosh says being a fintech company it aims to establish a transparency factor not only for its customers but also for the way it functions.
Sharing an interesting anecdote, it was revealed that the company’s work-from-anywhere policy sees around 90 percent of its employees opting to work remotely.
This not only fosters better connections within the team but also helps creativity flowing, which helps the company introduce new products.
Among the latest product for the motor insurance policy introduced by Zuno is a ‘Drive less, pay less, drive better, pay less’ usage-based policy. How does it work?
Once a customer takes the new policy, he/she will be directed to download a mobile app, which after signing in, will track the user’s driving patterns. Using the smartphone’s gyroscopic and other sensor data, the app will give out a driving score after each drive.
This will help the users improve their driving behaviour and motivate them to follow safe driving patterns, which will in turn help reduce the EMI.
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