Leading digital solutions provider, Cassava Smartech has broken new grounds by introducing-Moovah PAYD (Pay-As-You-Drive)- a customized motor vehicle insurance cover based on an array of metrics that include behavioral, demographic and mileage data, 263Chat Business has learnt.
Moovah is the insurance arm of Cassavah Smartech which offers cover for senior citizens, vehicles, property, household contents and other assets using a mobile phone or online.
The latest innovation (Moovah PAYD) is a motor vehicle insurance product that allows customers to pay insurance based on an array of metrics, including braking, acceleration, average speed and how one negotiate with corners when driving.
Other metrics include demographic Data (Age and Sex) and mileage or trip data with the vehicle tracker installed on the car to glean data pertaining to one's mileage, the trip duration, traffic levels, time and seasons.
"Motor vehicle insurance products on the market do not factor in the driving habits, number of cars that l has or even mileage, yet motorists are all different on how they behave on the roads," said Cassava Smartech.
Some of the advantages of this new product are, "You are in control of how much you pay for your vehicle insurance as premiums are based on how you drive-speed, acceleration, mileage etc. If you are involved in an accident, Moovah will get a distress call and deploy free MARS and Vehicle Towing instantly for your aid. You get a FREE vehicle tracker and you don't have to pay for the monthly subscription for the device," said the company.
Moovah PAYD, a first in the country, will address some of the common market grievances by customers that relate to continuous payment of premiums for vehicles that are sometimes parked for lengthy periods especially for people with multiple vehicles.
There have also been calls for insurance companies to offer premiums that are able to encourage responsible driving while being punitive to reckless driving such as mushika-shika drivers synonymous with causing road trouble.