The mobile phone-based application dubbed SecuDrive, captures and transmits specific data such as one’s acceleration, braking and phone usage then assigns ratings to drivers.
Drivers with a higher rating will enjoy discounts on monthly premiums, a departure from the current practice in which all customers pay a flat rate.
The discount will be offered at the end of the policy period as either reimbursement for or reduction on the premiums payable when they renew their policies.
Drivers with a good accident history will enjoy up to 15 percent discount on their motor vehicle insurance covers after ICEA Lion unveiled a technology that will track customers’ discipline including speed and phone usage.
The mobile phone-based application dubbed SecuDrive, captures and transmits specific data such as one’s acceleration, braking and phone usage then assigns ratings to drivers.
Drivers with a higher rating will enjoy discounts on monthly premiums, a departure from the current practice in which all customers pay a flat rate regardless of whether their history points to higher accidents or not.
The discount will be offered at the end of the policy period as either reimbursement for or reduction on the premiums payable when they renew their policies.
“We expect that Secudrive will reduce accidents and specifically benefit our customers in terms of premium discounts and rewards on points accumulated out of taking up good driver habits,” said Evelyne Musunzar, ICEA Lion general business development manager.
The industry has been returning losses from insuring private and commercial motor vehicles, with the two accounting for 48.7 percent or Sh26.4 billion of the Sh54.2 billion paid out as claims under general insurance.
The industry’s underwriting loss from vehicle covers eased from the peak of Sh6.85 billion in 2019 to Sh5.34 billion, helped by Covid-19 travel restrictions that cut road activities.
ICEA last year posted Sh56.92 million underwriting profit from motor insurance, up from Sh6.92 million.
Customers will have to download the app, sign up for motor insurance and switch on the app when driving so that the specific data can be collected.
ICEA also hopes to cut on the time it takes to settle claims since customers will also use the app to report accidents.
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