INSURANCE COVERS AT YOUR FINGERTIPS
Staying addicted to your phone is okay if you’ll also stay fit
For insurers looking to strike a chord with consumers and establish a relationship that goes beyond annual premiums, digital has become the way forward. As people stay hooked on to their smartphones, mobile apps have become a bankable way to attract consumers. Welcome to the world of new-age insurance policies.
Health insurance
Health insurers are increasingly using mobile apps to engage with policyholders. Various mobile-based wellness apps have been launched of late. These offer discounts on premium to people who will stay healthy. For instance, Aditya Birla Health Insurance has launched ‘Activ Health’, a health insurance plan in which staying active and fit can earn policyholders up to 30 per cent discount on premiums. One gets reward points that can be exchanged for cash benefits while paying renewal premiums, inpatient expenses, and for daycare treatment or outpatient bills.
The physical activity of the policyholder is tracked and points are rewarded accordingly. The policyholder can accumulate points by showing physical activity, such as completing a workout for a minimum of 30 minutes at a gym, recording 10,000 steps in a day, burning 300 calories in one exercise session per day or participating in a recognised marathon or a similar activity.
Similarly, under the Apollo Munich health insurance policy, you can earn up to 8 per cent discount on the renewal premium. Just clock a minimum 10,000 steps a day for this bonanza.
Motor insurance
Now, driving skills can decide how low your motor insurance premium will be. Bajaj Allianz General Insurance has recently launched a value-added feature called ‘Drive Smart’ for its motor insurance policy. Based on how well you drive, it allows you to save as much as 30 per cent on your premium. The ‘Drive Smart’ vehicle tracking system also provides features such as driving summary, update on the condition of the vehicle, such as engine and battery, safety alerts, such as overspeeding, and tracking mechanisms, such as the last noticed location or address of the vehicle.
Within two weeks of buying the policy, Bajaj Allianz delivers the Drive Smart device, which has to be placed in the vehicle. You then need to instal the mobile app ‘Insurance Wallet’ on your Android or iOS smartphone. Once you synchronise the app with the Drive Smart device, the insurance company starts monitoring you.
A word of caution for those interested: be mindful of privacy issues. To earn the reward points, you will need to be tracked by the insurance company.