1What is pay as you drive motor insurance
Policybazaar.com launches its latest ad campaign introducing the new pay-as-you-go motor insurance. These policies allow consumers to pay the premium based on the usage of the vehicle instead of a standard premium all year long. Innovative features like kilometer-based usage and switch-on-switch-off help the policyholder easily save up on premium as per their driving profile.
Speaking about the launch, Sarbvir Singh, CEO of Policybazaar.com, said, “The new product signifies the brand’s customer-centric approach to make insurance innovative and frictionless for the consumer. As the insurance sector continues to incorporate customization in products to enable easier adoption, the pay-as-you-go policy is one such example of technological innovation. Policybazaar is now enabling better affordability in insurance products by not just offering pure-play price comparison but also through leading product innovations like these.”
Conceptualized in Policybazaar’s signature witty style, the new advertisements illustrate that switching off a motor insurance policy is now akin to switching off electrical appliances when not being used. In one of the brand ads, a son, about to step out of the house, is reprimanded by his father for not switching off the AC, who in turn, asks his father why not switch off car insurance if he’s not going anywhere. Meanwhile, in another ad, a husband asks his wife to switch off the TV if not watching. The wife, then, asks him to switch off the motor insurance policy if he plans to stay at home for the day.
Sai Narayan, Chief Marketing Officer at Policybazaar, said, “A simple and innovative product like pay-as-you-drive effectively addresses the needs of the new-age consumer. At Policybazaar, we have always strived to make insurance more affordable and accessible. Leveraging technology to facilitate ease of insurance is the core of this product, and that’s what we are communicating through our brand campaign. Rooted in customer-centricity, the campaign is centered around the theme that switching off your motor insurance should be as easy as switching off your home appliances.”
Initially launched as a regulatory sandbox product by the IRDAI during the pandemic, the pay-as-you-drive policies significantly helped policyholders cut down their premium in times of restricted mobility. As a welcome move, more such products are emerging in the market to effectively cater to the customer’s need for affordability and accessibility in insurance.
18 Apr, 2022