Local insurer, NTUC Income, will be introducing two new vehicle insurance schemes for private car drivers in Singapore.
The schemes -DriveMaster and FlexiMileage - aim to provide low-mileage and cost-efficient services.
The first scheme, DriveMaster, is designed to reward good driving behaviour using incentives. By leveraging telematics through a connected smartphone, the application tracks a driver's speed, mileage and journey time. A driver has to reach a minimum speed of 5,000 km and continuously share his/her driving pattern on the app for six months. Drivers with an average score of 70 and above will save at least 20 percent on motor insurance. This scheme is free for all, provided the driver is an income insurance policyholder.
The second scheme, FlexiMileage, helps drivers save money and time. Drivers who opt for this scheme can save more on insurance payment if they do not exceed a distance of 9,000km on drive time. Hence, they will receive a 35 percent rebate if the distance limit is between 5,000 and 9,000 km a year. To benefit from this, drivers must apply for FlexiMileage online. After which, they can head down to Motor Service Centre (MSC) and install the telematics device.
"With Drive Master and FlexiMileage, we are leveraging digital technology to make insurance more personalised for our customers. The combination of telematics and data analytics allows us to offer insurance which is behavior and usage based. Digital technology has the power to reshape the insurance industry, and we want to be at the frontier of this change," said Ken Ng, Chief Executive, NTUC Income.
Only one car is eligible per scheme.
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