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Policybazaar, Chleon launch new model for vehicle insurance premium

According to the “Pay How You Drive” model, a device will be placed under the car of a consumer and on the basis of a combination of his/her driving skills their future car insurance premium would be derived

April 17, 2013 1:37 IST | India Infoline News Service
Online financial services platform Policybazaar.com and Chleon is introducing a new model “Pay How You Drive” to calculate future insurance premium for car drivers.
 
With this model, Policybazaar.com aims to track car driver’s behaviour using the Chleon device, and provide the driver with his very own personal driving score. This score with the customer’s permission can be provided to insurance companies who have accepted this model for consideration while offering car insurance.

Chleon is provider of a cloud hosted, globally available platform that offers Insurance-Telematics-as-as-Service (iTaaS) and allows insurance companies to start usage-based-insurance trials anywhere in the world within four weeks, starting from zero setup costs.
 
According to the “Pay How You Drive” model, a device will be placed under the car of a consumer and on the basis of a combination of his/her driving skills their future car insurance premium would be derived.

Policybazaar.com and Chleon are also conducting trials with various partners to see how the model works.

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