India’s Millennials and GenZ want Usage based insurance that rewards safe driving: Study by Zuno General Insurance
Edelweiss General Insurance has announced its new identity as Zuno General Insurance Limited (Zuno GI). Zuno GI is a new-age digital insurer with an aspiration to reimagine and redefine Insurance to make it easy, friendly, and transparent. It is built on the premise that any kind of general insurance should be simple, easy, and straightforward.
The name brings alive the company’s passion, enthusiasm, and singular focus on providing customers with the most convenient and hassle-free experience powered by tech that’s responsive and intuitive. The name and identity represents the young, innovative, approachable, digital native, and upbeat personality of the brand and resonates with the Millennial and GenZ audience.
Along with the new identity, the company has launched a consumer study titled ‘Usage Based Insurance: Decoding Awareness, Perception, and Behaviour’. The study was done to understand Millennial and GenZ’s awareness, understanding, and consideration for UBI. Zuno General Insurance has been forefronting the concept of usage-based insurance (UBI) in India for almost three years now.
Key highlights of the research:
- 65% of respondents feel that people in India are safe drivers.
- 90% respondents want to get a driving score that indicates how safe they drive.
- 58% respondents are aware of usage-based insurance.
- 70% respondents have strong intention to buy usage-based insurance over other insurance options.
- Rewards for safe driving’ & ‘Driving scores’ are the top two influential factors to opt for usage-based insurance.
- 76% of respondents strongly believe that getting a driving score will help improve their driving skills.
- 95% of respondents believe rewarding safe driving will positively influence driving behavior.
Speaking at the launch, Shanai Ghosh, MD & CEO, of Zuno General Insurance, said, “Zuno GI is all about reimagining Insurance to make it easy, transparent, and friendly using three pillars of customer experience, innovation, and digital delivery platforms. We will always listen to our customers and offer them smart, simple solutions in the most convenient and hassle-free way. We put this aim to action with the UBI report where we sought to assess the understanding and perception of UBI among young, mobile-savvy Indian customers. The findings have been extremely insightful and has validated our conviction about the potential of UBI in India, encouraging us to continue investing in this category that we pioneered in 2020.”
“Telematics is a silver lining for the motor insurance industry in India. It allows us to offer personalized solutions and experiences to our customers. Given the exponential growth of smartphone users in the country, telematics-based solutions will appeal to the digital natives empowering them to see and influence the pricing they get on Motor Insurance. With the findings of the report, we wish to drive awareness of new concepts like UBI which will not only link premium to your usage and driving but also encourage safe driving practices in the country”, Shanai added.
Zuno GI was the first in the country to launch usage-based insurance using mobile telematics and has been developing this category since 2020. Last year, the company launched SWITCH, India’s first mobile telematics based, on-demand motor insurance product. The policy is an app that shows customers the savings that is accumulating because of good driving for every drive. SWITCH encourages people to become safer drivers which is good for their own safety, their family, and overall, for society.
Zuno General Insurance conducted the survey in eight cities – Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, and Ahmedabad, in collaboration with Crownit.