Carro and MSIG launch usage based insurance
Singapore-based automotive marketplace Carro has launched a behavior and usage-based car insurance (UBI) in partnership with MSIG , a member of MS&AD, a Japanese insurance company.
Drivers in South East Asia will receive tailored insurance policies and pricing that reflect their actual driving behavior. The auto insurance premiums will be calculated by applying data science which analyzes driver behavior and distance travelled. The insurance offering encourages safer on-the-road driving behavior, and Carro will further incentivize drivers with services at the Carro Workshop to reward those who adopt safe driving practices. According to the company, over time the technology may even be able to predict the likelihood of a driver getting into an accident in the future.
“While user behavior auto insurance is more widespread in the US and Europe, it is just beginning to take off in South East Asia. We aim to bring data science and artificial intelligence in the insurance industry through this collaboration with MSIG, who have a significant regional presence and, like us, have also been extensively exploring the UBI space. Within the next year we expect to provide over 2,000 cars with MSIG’s usage-based insurance. We are excited to launch this AI enabled insurance model across South East Asia to help keep our roads safe and reward safer driving practices.” – Aaron Tan, CEO and Founder of Carro.
The insurance plan will first launch in Indonesia before embarking upon a full rollout to Thailand, Malaysia and the wider South East Asia region.