Hyderabad / Delhi, July 2nd, 2020: Edelweiss General Insurance (EGI), India’s first cloud native insurer, has partnered with PolicyBazaar, India’s leading web aggregator, to offer Edelweiss SWITCH, an on-demand driver-based insurance, innovative, app-based Motor OD floater policy.
Edelweiss SWITCH, launched under IRDAI’s Regulatory Sandbox, allows vehicle owners to SWITCH their motor insurance ON and OFF and covers multiple vehicles under a single policy. This partnership will enable vehicle owners across India to easily buy this policy on the PolicyBazaar platform.
Shanai Ghosh, ED & CEO, Edelweiss General Insurance, said, “We are very happy to partner with PolicyBazaar and we believe this partnership will help expand our reach digitally and build deeper connections with customers seeking smart motor insurance solutions. Edelweiss SWITCH is extremely relevant in the current context. It has been developed with the specific needs of today’s customer in mind where you may not use your vehicle regularly or may choose to alternate between your car and two-wheeler. It is a great product for customers, offering, savings and convenience together.”
“Sandbox is a welcome and progressive move by the Regulator. It is a great opportunity to provide innovative, relevant and meaningful solutions to address the evolving needs of customers today”, Shanai added.
Sarbvir Singh, CEO, PolicyBazaar.com, said, “We are very happy to join hands with Edelweiss General Insurance to launch Edelweiss SWITCH on our website. We believe that the pay-as-you-use model for motor insurance offers tremendous savings and significant convenience to consumers. These products are the future of the industry and the IRDAI deserves a special mention, for introducing them under the Sandbox platform. Our partnership with Edelweiss General Insurance has been all about working together to create trust-focused, consumer-centric products. The launch of Edelweiss SWITCH, further strengthens our joint commitment to raise the bar of products and services, in the industry.”
What differentiates Edelweiss SWITCH from other Motor OD policies, is that it is the only on demand, multi vehicle floater policy where the insurance is calculated on the age and experience of the driver. Edelweiss SWITCH uses a pay-as-you-use model that allows the customer to pay the premium only on the days they use the vehicle, offering significant cost savings and convenience. Moreover, after the initial premium to activate the policy, the rest of the premium can be paid in monthly instalments, thereby adding to the affordability of the product, making it even more useful and relevant in the current environment. Also, while the policy covers accidental damage when it is switched on, vehicles will be covered 24/7/365 against fire and theft, even if the policy is switched off at that time, since these incidents can happen even if the vehicle is not being driven.