KATSANA’s DriveMark Moves Towards Introducing Usage Based Insuranceby Fintech News Malaysia January 15, 2020
DriveMark®, a subsidiary under KATSANA announced the pilot launch of “Safe Driving Rebate Program” with the support of Etiqa Insurance and Takaful Ikhlas General Berhad.
Intended as a precursor to a full-fledged usage based insurance, the pilot is expected to run for 6 months and will reward safe drivers with up 30% motor insurance rebate on top of existing No Claim Discounts at the end of the motor insurance policy period.
The program is part of an on-going collaboration with Etiqa Insurance Berhad and Etiqa Takaful Berhad. Since then DriveMark claims to have logged over 32 million trips in Malaysia and South East Asia.
Syed Ahmad Fuqaha bin Sd. Agil, Group Chief Executive Officer (GCEO) of KATSANA said,
“We are extremely pleased to receive support from Etiqa Takaful Berhad, Etiqa Insurance Berhad and Takaful Ikhlas Berhad to reward proven safe drivers with significant motor insurance rebate. This pilot program can only be realised through continuous collaboration with the insurance partners and the
wealth of driving behaviour data that has been collected in the past 3 years.”
He added, “This collaboration between established insurers and DriveMark is a pivotal moment for all parties involved as it helps pave way towards promoting a progressive and transparent Usage-Based Insurance (UBI) approach.”