KUALA LUMPUR: Usage-based Insurance (UBI) is a platform that is no longer foreign in this “Internet of Things” (IoT) world.

However, not many in Malaysia are familiar with this mechanism to give value to vehicle insurance, which helps to create safer roads and save more lives.

UBI will allow insurance companies to acquire driving behavior data which then will help them curate better insurance programmes.

Today, three insurance companies Allianz Malaysia Bhd, Etiqa Insurance Bhd and Etiqa Takaful Bhd have paved its way to boost adoption of UBI in Malaysia.

The three insurers signed a Memoranda of Understanding (MoU) with a local start-up, Pixelated Sdn Bhd (KATSANA) which will allow insurers to develop UBI products for their customers.

In addition, the parties involved will work together with KATSANA to improve its newly launched DriveMark telematics app as means to collect driving behavior data.

KATSANA managing director and co-founder, Syed Ahmad Fuqaha Syed Agil, said the collaboration is important for all parties involved as it helps to promote a progressive and transparent UBI approach.

“We work together to analyse the data, to understand what’s the actual risk of drivers in Malaysia.

“And we use this data to help them become safer drivers on the road and offer them rewards for good behaviour.

“We hope this is going to be a social movement where KATSANA and drivemark, together with our insurance partner in Axiata become the catalyst for safer driving in Malaysia,” he said.

Article from: Astro Awani

Get rewarded for driving safe

Get rewarded for driving safe

Download Now!

Download on Google Play Download on App Store Play

Similar Articles

Car Accident Detection and Emergency Alert using DriveMark mobile app

When DriveMark was launched back in 2017, it carried our aspiration to make the roads safer for everyone. From then on, we introduced several features to encourage drivers to be...

Tips & Tricks: Improved tracking on Redmi/Xiaomi Note 4 and similar models using MIUI Global 8.5 skin

This week, we are adding a new documentation that will resolve issues with Redmi/Xiaomi Note 4 phones. This article article is meant for Redmi/Xiaomi smartphone users who are facing problems...

Insurance: A fairer way to price motor insurance premiums

The second phase of the liberalisation of motor insurance, which kicked off on July 1, has seen the introduction of usage-based insurance (UBI) in the Malaysian market. The product allows...

ā­ā­5 Popular Road Scams in Malaysia: Ways To Avoid Themā­ā­

For every Malaysian, you may have had family members and/or friends who have faced cases of road scams resulting in loss of valuables, injuries, or also near-death experience. In order...

KATSANAĀ® Supporting Road Safety in South East Asia through MIROS CARS 2018

The 2nd Conference of ASEAN Road Safety was held in Summit Hotel, Subang USJ on 4th till 6th December 2018. Organized by Malaysian Institute of Road Safety Research (MIROS), the...

Prudent Car Drivers May Be Rewarded With Car Insurance Premium Discounts

(Image: The Coverage) Written by Olivia Song for RinggitPlus, 8th February 2019 The Transport Ministry plans to start rewarding discounts on car insurance premiums toĀ motorists who do not have summonses...