This product’s official launch is subject to approval by the regulator, Reserve Bank of Malawi (RBM).
Making the announcement during a media briefing in Blantyre, UGI Chief Executive Officer, Bywell Chiwoni said AutoPrice motor policy is a buildup on their existing product, AutoServe – which uses telematics to provide value added services.
“AutoPrice product aims to create a culture of good driving behavior. Through AutoPrice, customers will be able to interact with their insurer by getting feedback on the way they are driving and suggesting improvement measures. This will eventually lead to customers unlocking benefits that would otherwise not have been available.
Driver style information will be readily available for clients on an interactive application. Once one signs up to the policy, they will be requested to sign up on the Drivers Mobile App,” Chiwoni said.
Chiwoni said AutoPrice solution is in line with UGI’s strategic direction.
He said as part of protecting customers’ assets, UGI has taken it upon itself to ensure it provides interactive means of mitigating possible risks against those assets.
“AutoServe has a focus on safety, and we can see that this has cascaded into AutoPrice. The better one drives, the lower the chances of an accident. We are going to create a culture of good driving amongst our clients”, Chiwoni said.
“The product gives a chance to good drivers to benefit from their good driving behavior. Once a client signs up, they will register their vehicle on our Drivers Application. The telematics device placed in their vehicle will communicate to the client how well they are driving through the App then App will provide hints on what the driver should improve on. Benefits such as fuel and reduced premiums await all good drivers” he said.
He re-affirmed company’s commitment in bringing innovative products and services that respond to customer needs in the country and keep them connected with their insurance company.
“We believe insurance should be fair to clients. We believe that we need to separate the good drivers from the others and this separation will be reflected in how much premium they pay and what their rewards will be. In addition, the App will be used as a medium of communication for claims and notifications from UGI as the insurer to our clients, “he added.
AutoPrice is currently under a pilot test with a few vehicles. Once the tests are concluded, the firm will open up AutoPrice to the public and customers can expect to enjoy low premiums, up to 50% in 2 years and fuel rewards, up to 120 liters every year.
Vehicles worth K6 million and above qualify to benefit from this product.