Page 5 - The Insurance Times August 2022

Universal Sompo eyes to leverage their support in reinsur- 'file and use' products, the competition
ance and global relationship with Japa- will ensure better value for
growth push on insuretech
nese businesses," he said. customers."
Universal Sompo General Insurance is
preparing for a high-growth second Better road safety mea-
Pay motor insurance pre-
innings following the amalgamation of
its original promoter Allahabad Bank mium on drivers behavior sures could save half a

with Indian Bank. Insurance companies will soon offer million lives annually
vehicle owners analytics-based insur-
Part of the new strategy is to integrate worldwide: Study
ance that include 'pay as you drive'
with Indian Bank's systems for distribu-
policies and covers where the premium New global and country-level esti-
tion. The general insurer is also taking
mates suggest that routinely wearing
varies according to driving behaviour.
the help of a startup Cover Genius, in
helmets and seat belts, obeying speed
Companies have also been allowed to
which Sompo recently acquired a
issue floater policies for multiple ve- limits, and avoiding driving drunk could
stake, to integrate systems with e-
save between 347,000 and 540,000
hicles belonging to the same owner.
commerce and other distributors.
lives worldwide every year.
"As a step towards facilitating technol-
MD & CEO Sharad Mathur told that
ogy-enabled covers, IRDAI has permit- The benefits of more motorcyclists
the company is taking the help of man-
wearing helmets would be the
ted general insurance companies to
agement consultancy firm BCG for in-
biggest in China, where 13,703 lives
introduce tech-enabled concepts for
tegration with that of Indian Bank.
could be saved every year, followed by
"We have used the Covid period for a the motor own damage (OD) cover,"
Brazil (5,802 lives), and India (5,683
transformation of the company. We the IRDAI said in a statement. Accord-
lives), says the study published in The
have digitized the ecosystem and are ing to the regulator, the advent of
Lancet.
able to underwrite and distribute technology has created a relentless
through partners using digital assets," pace for the insurance fraternity to rise Analysis of data from 74 studies in 185
said Mathur. up to interesting yet challenging de- countries estimates that targeting four
mands of millennials. key risk factors for road injuries and
According to Mathur, Sompo's invest-
deaths (speeding, drink driving, and
ment in Cover Genius enables the com- Digit Insurance MD & CEO Jasleen Kohli
non-use of crash helmets and seat
pany to use its service to embed insur- said, "This will encourage insurers to
belts) could prevent between 25% and
ance with partners and sell small ticket come out with new tech-enabled mo-
40% of all fatal road injuries worldwide
insurance like extended warranties in tor products and increase competition.
every year.
Flipkart and travel cover in We wholeheartedly welcome it. With
MakeMyTrip. "In addition to Sompo's impending open architecture for all Interventions to reduce speeding such
investment in insuretech, we are able distribution channels and changes to as infrastructure changes and elec-
The Insurance Times, August 2022 5