Oct 07, 2016

    NTUC Income taps on tech to curb premiums

    MARKET leader NTUC Income is using technology to transmit driving behaviour and reward good drivers with a discount on motor insurance premiums.

    Income will be the first to apply this telematics-based insurance system to passenger cars here, although the technology is being used to track commercial vehicles here as well as cars in Europe.

    Income, Singapore's top motor insurer with a

    20.5 per cent market share, launched two insurance schemes yesterday - the app-based Drive Master and FlexiMileage, which comes with an onboard device.

    Drive Master tracks speeding, manoeuvres, mileage and drive time, with resulting scores earning between 5 per cent and

    20 per cent discounts on top of the no claim discount.

    FlexiMileage measures

    only distance, with owners

    of low-mileage cars netting either a 20 per cent or

    35 per cent discount.