Thursday, December 14, 2017

Indian regulator surveys insurers on telematics

The Insurance Regulatory and Development Authority of India (Irdai) has asked insurers in the country to send their views on a draft report on telematics and revisit their pricing methodology.

The insurance regulator wants to know how telematics should be adopted in India considering, for example, that a good driver might still have to pay a higher premium if he clocks up many miles of driving.

Irdai also said that the draft telematics report will provide a better understanding of how product design and pricing should work for mass adoption of telematics in the country.

Among the challenges that the draft telematics report seeks to address are data privacy and ensuring that monitoring devices fitted in vehicles do not adversely affect vehicle performance.

The regulator also urged insurers to look at alternatives to conventional telematics devices such as smartphones with mobile apps, dongles, black boxes, Bluetooth, to name a few.

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