Kotak Mahindra General Insurance (Kotak General Insurance) recently announced the launch of its add-on Meter (switch-on/switch-off) cover with Private Car insurance policy. The insurer said it became India’s first company to offer a cashback via an add-on for private car insurance policy.
The insurer said on opting for the Meter, users have to download the app allowing vehicle owners to switch their car insurance coverage on and off based on usage, at the click of a button.
The name ‘Meter’, a colloquial term associated with commuting, signifies that vehicle owners can pay for insurance only when the vehicle is in use. 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% of Own Damage (OD) premium at the end of the policy term.
Suresh Agarwal, Managing Director and CEO, Kotak General Insurance Company Limited said, “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.”
Agarwal added, “This drove us 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.”