Page 38 - Insurance Times May 2020

PRESS RELEASE

AXA XL launches Remote Risk Dialogue, a virtual risk assessment

AXA XL Risk Consulting has launched a new risk assessment service, Remote Risk Dialogue, to continue evaluating loss
prevention across business lines amid COVID-19 restrictions. Using data captured from telephone calls, web tools and
existing reports, Remote Risk Dialogue enables AXA XL’s risk engineers to perform remote analysis not seen in traditional
loss prevention programmes and provide risk managers, underwriters and brokers with an up-to-date view of a client’s
risks. Speaking about the new service, Corinne Vitrac, Chief Executive of AXA XL Risk Consulting, said: “With restrictions
on delivering surveys and carrying out client visits globally, we’ve had to think of new ways of supporting our clients to
manage their risks.”
“Remote Risk Dialogue allows us to continue to interpret clients’ data and assess any potential new risks. For example, in
response to COVID-19 some clothing manufacturers have started to manufacture masks, alcoholic beverage producers
are making hand sanitizer while some domestic appliance manufacturers are making medical devices. These changes to
operations and output bring about new risks. Identifying, managing and mitigating these risks is key and we are proud to
be standing alongside our clients to support them in adapting and innovating in these challenging times.”
In addition to launching Remote Risk Dialogue, AXA XL Risk Consulting is hosting webinars for risk managers to discuss the
risks their companies are facing and how to mitigate them.

Tata AIG offers telematics-based motor insurance through
“AutoSafe” tracking app and device

TATA AIG General Insurance Company Limited launched an innovative telematics-based next-gen application and device
‘AutoSafe’ today. The app helps policyholders to save on premiums by selecting the kilometers driven, promotes safe
driving, works as anti-theft device as it comes with a GPS-based tracking facility. Available on all policies offering personal
accidental cover to the tune of Rs. 15 lakhs for owner and driver, this app also tracks distance traveled by the vehicle, live
speed and other driving pattern parameters and offers bonus kilometers for good driving behavior at the time of the
renewal, thus, promoting safe driving habits. The usage-based insurance (UBI) private car policy for car owners, launched
under the IRDAI’s Regulatory Sandbox, is personalized, affordable and offers a customized solution towards your driving
profile. This policy includes other value-added propositions like depreciation reimbursement, daily allowance, no claim
bonus protection cover etc.
Policyholders will benefit from the policy’s flexible kilometer-based package that enables savings on premiums compared
to conventional policies. Policyholders can choose between 2,500 kilometers, 5,000 kilometers, 7500 kilometers, 10,000
kilometers, 15,000 kilometers and 20,000 kilometers. Customers having exhausted all the kilometers within the policy
period can buy additional kilometers by opting for the top-up kilometers option. They can choose between 500 kilometers,
1000 kilometers and 1500 kilometers, thus, helping savings on cost based on usage.
The ‘Auto Safe’ device is GPS-enabled and is linked to a mobile app that records all information, tracks the distance traveled
and generates reports about vehicle health or driving patterns of the policyholder. This telematics device or app is fitted or
linked to the car as the motor insurance policy becomes active and must be kept throughout the policy period. The information
collected is evaluated over time and each driver cum policyholder is allocated points based on performance. Besides, this
device contains motion sensor support and generates fuel-saving reports apart from monitoring aspects like hard braking,
nighttime driving and acceleration. Also, this device guards against fuel slippage and dangerous driving habits.
Speaking during the product launch, Parag Ved, Executive Vice-President & Head- Consumer Lines, Tata AIG General
Insurance said, “At Tata AIG, we have always been persistent in our approach to provide customers with innovative and
practical solutions. With the regulatory sandbox permitting telematics-based solutions, insurance will evolve to become
more intuitive and responsive to the customer’s needs. We are meticulously working to arrive at new ways to enhance
the experience of our valued customers. The value proposition is based on value-added services, personalized advice based
on driving behavior and the reward. Technology innovations can change the insurance paradigm, gone are the days when
it used to ‘one size fits all’ approach. It is time for personalized insurance products. The shift towards pay-as-you-drive
insurance makes sense in this uncertain time when unnecessary journeys are discouraged, and organizations and employees
alike are discovering the benefits of working from home.”

38 The Insurance Times, May 2020