Kotak Mahindra General Insurance Company Ltd. on Monday launched an add-on feature called ‘Meter’ with its private car insurance policy , which allows customers to switch on and off the coverage based on their usage and earn cashbacks .
The company, in a press release, said its customers can avail of the feature through the Kotak Meter Mobile App, available on the Play Store or App Store, at the click of a button.
‘Meter’, it said, allows the vehicle owners to pay for insurance only when their vehicle is in use.
Customers can earn rewards when the cover is turned off for every 24 hours through a simple switch on and off feature on the mobile application.
The accumulated reward days can be redeemed either by getting a discount in renewal or cashback up to 40 per cent of the “Own Damage (OD)” premium at the end of the policy term.
Unveiling the add-on feature, Suresh Agarwal, managing director and chief executive officer (CEO), of the company, said hybrid and work-from-home policies, higher fuel prices, and increasing inflation brought a change in driving preferences of vehicle owners, which “drove us to bring out a customer-friendly feature as an add-on on our car insurance policy”.
Agarwal added that “demand for need-based insurance cover has been on a rise, particularly post Covid.”
How To Activate ‘Meter’
First, users must download the Kotak Meter App from App Store or Play Store.
Then, they must complete the customer onboarding process by filling in personal information, including know-your-customer (KYC) details.
When the policy is activated, vehicle owners can use the on-and-off option based on their car usage.
Vehicle owners can earn a reward each time the app remains in the switch-off mode continuously for 24 hours.
They would earn multiple ‘reward days’ for every multiple periods of 24 hours.
Customers can either earn up to 40 per cent cash back for unused days of the vehicle or request a discount on renewal premiums.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.