Chola MS, TTIBI to launch ‘Pay How You Drive’ insurance model
This leverages the embedded connected car technology in the vehicle to arrive at driving scores based on critical driving metrics such as speed, braking, acceleration, and distance travelled.
Takayuki Ueda, managing director and V Suryanarayanan, Managing Director of Chola MS
CHENNAI: Chola MS General Insurance, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company of Japan, in conjunction with Toyota Tsusho Insurance Broker India (TTIBI), has expanded the insurance product offerings by introducing Pay How You Drive (PHYD) for Innova Hycross model.
This leverages the embedded connected car technology in the vehicle to arrive at driving scores based on critical driving metrics such as speed, braking, acceleration, and distance travelled.
This driving score data is then used to calculate customised premiums for each policyholder. V Suryanarayanan, MD, Chola MS, said “This offering enables Toyota Hycross policyholders to determine their insurance costs.”