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...

Cara Baiki / Tukar Windscreen Kereta Yang Retak šŸ¤”

Di Malaysia, pembaikan/pertukaran windscreen kereta adalah mudah untuk dituntut daripada pihak insurans anda šŸ˜‰. Anda tidak perlu risau dengan proses yang rumit untuk baiki/tukar windscreen yang retak/pecah. Sila ikut cara-cara...

Pemenang DriveMark Challenge 1 semasa JomLaunch 2017!

JomLaunch merupakan platform untuk ahli komuniti JomWeb melancarkan sebarang produk yang melibatkan IT. Ianya bertujuan bagi membantu projek-projek komuniti, sumber terbuka, projek persendirian mahupun komersil dapat diketengahkan.     [...]Read...

Insurance: A fairer way to price motor insurance premiums

This article first appeared in Personal Wealth, The Edge Malaysia Weekly, on September 11, 2017 – September 17, 2017. Written by Tan Zahi Yun, 20 September 2017 The second phase...

DriveMark now protects the life of safe drivers

Good news everybody! We woke up last month with a dream. DriveMark should not just encourage and reward safe drivers. We want to go a step further; DriveMark should also...

#ShareStreakLah Challenge : Grand Finale

It is very sad for us to end #ShareStreakLah Challenge…. BUT hey, we donā€™t want to sedih-sedih and say goodbye macam tu je. Thatā€™s why we decided to make it...