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.
only distance, with owners
of low-mileage cars netting either a 20 per cent or
35 per cent discount.
THE BUSINESS TIMES