It’s clear that with the recent detariffication of motor insurance premiums, insurance companies are looking at different ways to add value to their products. It is in this environment that telecommunications provider Digi is stepping in with iFleet, a ready-to-market Usage-Based Insurance (UBI) platform that the company is offering to all players in the industry.
Similar to AXA’s FlexiDrive launched last week, iFleet records and monitors over 200 data points including mileage, speed, acceleration, sudden braking and hard cornering, enabling insurers to craft their risk models. All this data will allow insurance companies to generate a more accurate customisable motor insurance premium that is based on fleet and individual vehicle performances.
The platform has been undergoing robust testing within Digi’s own fleet since last year, and is currently in a pilot programme with select insurers such as Tune Protect and Pacific Insurance. The company claims that it has seen a 50% improvement in driving habits among its fleet drivers, as well as a notable drop in accidents since using iFleet on its 150 field force vehicles.
Digi hopes that the introduction of the UBI platform will encourage safer driving habits, as well as helping insurers reduce their insurance claim loss ratios. The industry saw gross written premiums of RM8.17 billion last year, with an overall net claims-incurred ratio of 66.9%.
The iFleet UBI platform is now available to insurers (registrations open here), who will benefit from customisable data parameters to set risk criteria and calculate premiums, as well as access to a ready base of vehicles already included in the platform. The company is also providing internet connectivity to insurers launching their own telematics-based products, including AXA FlexiDrive.
Private vehicle owners will also be able to join in when Digi launches a connected vehicle service later this year, featuring similar telematics capabilities as iFleet. Customers will have a device installed in their car that gathers driving behaviour and vehicle data, making it accessible to a panel of insurers on request when their motor insurance is up for renewal. This will allow consumers to freely choose the best premium available.
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Digi now into insurans business? Why not improve telco coverage 1st?
at least they are thinking out of the box, to keep road safe for road users like you, tracking down reckless drivers..
they are diversifying their business from consumer driven to industry driven..
As long Digi gips free payung so no problem.
Haha, so true. Their core telco business maintenance also so weak now want to put feet into driver behavior monitoring on behalf of insurance companies. Better avoid this thing, you wouldn’t know what other thing they will record besides vehicle data.
Mr john, can U read the reason given by Digi why they introduce iFleet Usage-Based Insurance platform B4 commenting.
Digi did mention that their pilot programme has seen a 50% improvement in driving habits among its fleet drivers, as well as a notable drop in accidents since using iFleet on its 150 field force vehicles.
The whole idea of AXA FlexiDrive & iFleet is to inculcate good behavior driving & all U can see is negative hence bashing is the best thing in your mind is it!! Is this how U contribute your ideas to PT.org site??!! Sigh…
Do you even use digi? It’s by far the best value plan and i travel all over Malaysia and the world with great roaming rates and no issues with coverage. If you have an obsession with the other 2 carriers like most people do, based on their experience 10 years ago,go ahead and pay more to be hooked on them. I switched to digi 2 years ago and couldn’t be happier, customer service and innovation are miles ahead of the other 2.
People who track their cars or occasionally take it out for a fun drive on winding B roads are not gonna like this. They should also have a system that tracks cars which change lanes without using indicators. Let them pay more premium for inconveniencing others.
Best to avoid invasive technology like this. Insurance company will then have too many excuse to deny any payment in case of any accident if they read too deep into your car data with this device. Choose insurance companies that don’t force this technology on you.
Digi can’t even get populated area covered, what’s more on the road?
I believe they use 2G, which is widely covered. If you talk about 4G, then none of the telco can do it.
Digi is changing, so does everybody else. If people want telco company to remain in telco business, then they should not use whatsapp, FB, youtube and other free service. Make call, sms and pay very high bill instead.
PanBorneo user will show a teleporting pattern from one city to another city. No signal coverage along the way :lol:
Congratulations Malaysian! Now you even got track on the road, wherever you go, how do you drive, what do you do with your car… No privacy, more ways and more reason for the insurers to load you on your insurance premium. Digi! You better remember this!
Pergi bengkel kena ketuk kaw kaw juga insurance company kat malaysia ni.
This model is in USA for quite sometime already
E hailing driver registration and car rental provide