Thaivivat and AIS partnered to attract these motorists with coverage exclusively while driving.
Thaivivat, an insurance company in Thailand, has partnered with telco AIS to draw uninsured drivers in the country. The idea is to provide a type of coverage that is affordable through a unique product that is a first of its kind in the world.
This auto insurance coverage is unique in that it applies only when the vehicle is in operation.
This program to appeal to uninsured drivers is the first on the planet that automatically covers a driver when the car is started. The idea is to reduce the cost of auto insurance by up to 40 percent. When the premiums fall by that much, the hope is that it will bring the coverage into the reach of people who previously hesitated to buy it due to cost. This coverage is considerably more affordable than a standard policy.
The new auto insurance product is the result of a partnership between the insurer, a mid-sized nonlife insurance company, and Advanced Info Service, the largest telecom service in Thailand. It uses Internet of Things (IoT) technology solutions to provide this unique minute-by-minute motor insurance.
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The reduced cost associated with this auto insurance may draw many uninsured drivers in the country.
Customers who sign up for the new auto policy are assigned an SIM card embedded tracking device. This is installed into the vehicles they wish to cover. The device connects to the AIS network anywhere in the country. Through that connection, it sends data from the vehicle to the insurance company. This data starts being sent when the car is turned on and it stops once the engine is turned off again.
The insurer first started selling this product at the beginning of the month. It is aimed at drivers who are on the road for less than four hours per day. According to Thaivivat CEO and president, Jirapan Assawathanakul, it is an on-demand service that could save policyholders up to 40 percent on their premiums, when compared to a traditional auto insurance policy.
“The partnership will give customers a better and more comfortable motor insurance experience and will be an answer to the Thai digital lifestyle,” said the CEO. The company has reportedly made a 100 million baht ($3.3 million) investment into this technology to draw uninsured drivers who simply need to plug a device into their cars’ USB port.