Edelweiss General Insurance (EGI) has joined hands with web aggregator PolicyBazaar to offer its on-demand multi vehicle floater policy where the insurance is calculated on the age and experience of the driver.
One of the proposals introduced under IRDAI’s Regulatory Sandbox initiative, the product named Edelweiss Switch allows vehicle owners to turn on and off their motor insurance and covers multiple vehicles under a single policy. It has been developed with the specific needs of today’s customer in mind, where they may not use the vehicle regularly or may choose to alternate between car and two-wheeler, Edelweiss General Insurance ED and CEO Shanai Ghosh said.
“The partnership with PolicyBazaar will help expand our reach digitally and build deeper connections with customers seeking smart motor insurance solutions,” she said.
PolicyBazaar.com CEO Sarbvir Singh said the pay-as-you-use model for motor insurance offered tremendous savings and significant convenience to consumers. Such products are the future of the industry and the IRDAI deserves a special mention, for introducing them under the Sandbox platform.
A release said Edelweiss Switch covers accidental damage when it is switched on. Vehicles will be covered round the clock against fire and theft, even if the policy is switched off at that time.
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