SINGAPORE - Media OutReach - 16 June 2017 - Insurance arm of Maybank Group, Etiqa Insurance , has launched an affordable usage-based car insuranceePROTECT sMiles in Singapore, providing 50% premium savings upfront and potentially saving customers close to $500 annually (based on scenario example illustrated in infographic below).
Following the wider interest and usage of Usage-based insurance (UBI) in Singapore, the launch of ePROTECT sMiles supports the insurer's mission to embrace changes and create customer-centric products that better tailor to their needs. This new car insurance solution rewards drivers who drive less with upfront premium savings while still enjoying the same comprehensive car insurance coverage.
Designed to provide more choices and value for drivers, ePROTECT sMiles adopts a "pay-as-you-drive" model. Utilising telematics app technology to measure the driver's travelled distance and provide driving tips, t he usage-based car insurance plan differentiates itself from traditional car insurance as a solution for drivers who spend less time behind the wheel, who will no longer overpay for car insurance.
Unlike other UBI car insurers in Singapore that track and review the driver's eligibility for premium savings beforehand, ePROTECT sMiles provides savings from the start with a transparent plan and payment model which starts with a low base rate. Drivers receive 6,000km mileage a year in return for 50% savings on their car insurance premium. This mileage is broken down into quarterly mileage of 1,500km. If the driver exceeds the allocated 1,500km in a quarter, he has to top-up his premium at S$0.063 per kilometer (based on scenario example illustrated in infographic below) . At the end of the quarter, his bill will be the base rate plus how many kilometers he drove at his per-kilometer rate. Several factors may influence each driver's rate, including age, type of vehicle, and driver history.
Using Etiqa's telematics system to enable smart tracking, the driver's journeys are recorded via the Smiles by Etiqa Insurance app and a small Bluetooth beacon device provided. For every journey, the app will also measure the smoothness, anticipation, cornering and speed, subsequently generating a trip score from 1 to 5 with a map showing the areas of good driving performance and those for improvement. The rating mechanism is aimed to promote better driving habits, such as driving at or below speed limits and accelerating moderately. A lower driving score may affect the driver's car insurance renewal premium.
ePROTECT sMiles is available for application online with a safe and secure on boarding process, limited to the first 100 applicants. For more information, visit www.etiqa.com.sg .
Etiqa Insurance Pte. Ltd. is a licensed life and general insurance company registered in the Republic of Singapore and governed by the Insurance Act . In June 2016, Fitch rated the company "A-" for its financial strength and stable outlook.
Etiqa has been providing general insurance solutions in Singapore for more than 55 years. It started business in Singapore in 1961 as United General Insurance Co. Sdn. Bhd.. The company evolved to become the Singapore branch of Etiqa Insurance Bhd. in 2009.
As the appointed insurance provider by Housing & Development Board for basic fire insurance, Etiqa has been proudly protecting homes since 2009. We added life insurance to our stable of products in August 2014.
In 1 April 2015, the Singapore branch of Etiqa Insurance Bhd. transferred its general insurance business to Etiqa Insurance Pte. Ltd.. As a composite insurer providing life and general insurance, we offer comprehensive retirement, savings, protection and general insurance solutions to our growing customer base.
At Etiqa, we believe in our brand promise of humanising insurance. We aspire to offer products and services that are simpler and more personal, yet relevant to what our customers need today. We keep our customers' best interests at heart by placing people over policies in everything we do.
As the insurance arm of the Maybank Group, we're committed to helping our customers plan for a better future. Maybank is among Asia's leading banking groups and Southeast Asia's fourth largest bank by assets.
The Maybank Group has an international network of 2,400 offices in 20 countries, employing over 45,000 employees who serve more than 22 million customers worldwide.