MSIG Insurance is continuing its digital evolution with the launch of the MSIG UMax – a motor insurance with an innovative telematics device that aims to improve traffic safety in Singapore.
The successful pilot of the telematics device last year has led to the launch of MSIG UMax – a ‘Pay How You Drive’ product that rewards customers based on driving performance monitored on the telematics device.
UMax is a telematics enabled car insurance product that provides comprehensive coverage while rewarding good driving behaviours, through a telematics device fitted to the car. You will receive real-time feedback and driving tips of your driving trips for safer motoring.
The user experience first involves the installation of a free telematics device in the car. MSIG will then provide an immediate rebate of up to $150 on the installation of the device. Users can then check driving data such as route patterns and a color coded score determined by driving events such as excessive acceleration, harsh cornering, harsh braking, time of day and distance driven.
According to Michael Gourlay, CEO of MSIG Insurance, “MSIG are delighted to be bringing more options to the market. As consumers become more connected than ever, pay-how-you-drive is a more intuitive model for drivers. It is also a customised system and encourages our customers to drive more safely as they get instant feedback from the app”.
Ultimately, although some cite telematics as a stepping stone towards autonomous driving, the promotion of safe driving is always a worthwhile pursuit in addition to increasing brand engagement. However, with the recent flood of telematics based offerings from different players, it will be interesting to watch how MSIG differentiates UMax. In any case, the fact that UMax is an in car telematics device does give it an edge as mobile based telematics software relies on built-in smartphone sensors, which cannot decipher driving data from other transportation methods.