Page 8 - The Insurance Times April 2025
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was nearly 45% of all road fatalities in lesser causes of injury included falls ums stood at Rs. 89,405 crore in the
2023 in India. There has been an in- (307), pedestrian-vehicle accidents April-February period of FY25.
crease both in the number and share (278) and four-wheeler road traffic Within the segment, growth in third-
of two-wheeler occupants getting accidents (163).
party premiums is down from 10.57 per
killed in road crashes in the past de- cent last year to 7.88 per cent this
cade. Tepid vehicle sales, com- year.
During the study, researchers identified petition weigh on motor
3,172 patients, of which 84% were vehicle insurance premi- Zuno General Insurance
males, who were admitted with TBI.
Two-wheeler road traffic crashes ums Integrates Pay How You
caused 2,259 (71%) injuries and only 13 Sluggish domestic vehicle sales, stag- Drive as a Standard Fea-
(0.6%) of these patients were wearing nant third-party insurance rates, and
a helmet, as per the study. Around stiff competition are slowing down ture in Motor Policies
one-third of patients reported alcohol growth in motor vehicle insurance pre- Zuno General Insurance, formerly
consumption. miums. Premium growth has slowed known as Edelweiss General Insurance,
from 13.6 per cent in the April-Febru- has introduced Zuno SmartDrive, inte-
The study paper - prepared by re- grating the Pay-How-You-Drive (PHYD)
searchers from Cambridge University, ary period of 2023-24 (FY24) to 8 per feature into its motor insurance poli-
CMC's neurological sciences depart- cent in the same period of 2024-25 cies. The company has become the first
ment, National and Kapodistrian Uni- (FY25). insurer in India to offer mobile
versity of Athens - mentioned that the Overall motor vehicle insurance premi-
telematics as a built-in component of
car insurance at no additional cost.
Nagaland processes first claim under Parametric Di-
Previously available as an add-on, the
saster Insurance PHYD feature is now automatically in-
Nagaland has successfully processed its first claim under the Disaster Risk cluded in all new and renewing policies.
Transfer Parametric Insurance Solution (DRTPS), marking a significant step It utilizes mobile telematics to assess
towards improving the states disaster management efforts. driving behavior based on factors such
as speed, braking patterns, and dis-
In 2024, the Nagaland State Disaster Management Authority (NSDMA), in tractions. Policyholders can track their
collaboration with SBI General Insurance, introduced this innovative multi- driving scores through the Zuno app,
tier DRTPS agreement to strengthen disaster resilience in the state.
which provides insights into driving
According to a press release from the NSDMA, the claim under Cover 1 habits and potential areas for improve-
totals Rs 1 Crore 6 Lakh 50 Thousand, which will be distributed to beneficia- ment. Safer driving can lead to lower
ries impacted by the 2024 monsoon season. premiums, offering financial benefits to
The payment will be made through the Decentralized Relief Payment Sys- responsible drivers.
tem (DRTPS), a digital gateway developed by NSDMA to ensure quick and Zuno SmartDrive is designed to person-
direct transfers into the accounts of those affected. This efficient system alize premium calculations, moving
enables faster relief, enhancing transparency and reducing delays in aid dis- away from a standard pricing model
tribution. where all drivers are charged the same
rates. The insurer states that the inte-
NSDMA marked a significant milestone with the settlement of the Cover 1
gration of PHYD allows policyholders to
Claim (Monsoon Period) under the DRTPS for 2024-2025. This parametric
disaster insurance system stands as a testament to the collective strength have greater control over their insur-
of commitment to disaster preparedness and resilience, stated the NSDMA. ance costs, aligning premiums with
actual driving behavior.
The ceremony was honoured by the presence of Shri Z. Nyusietho Nyuthe,
Advisor to NSDMA and NRE, who attended as the special guest. In addition to renewal discounts, poli-
cyholders can qualify for weekly and
Also present were the Commissioner & Secretary, along with NSDMA offic- monthly rewards based on their driv-
ers and staff, and representatives from SBI General Insurance, including ing scores, which are reflected in a
Piyush Kumar, Sandeep Mukherjee, Subhankar Mazumder, and Luntsuba. leaderboard on the Zuno app. The
During the event, a formal declaration of the claim settlement was made. company believes that this approach
8 April 2025 The Insurance Times
