India’s insurance regulator permits 'pay as you drive’ concept
The Insurance Regulatory and Development Authority of India has permitted general insurance companies to introduce technology-enabled concepts to boost insurance penetration
With an aim to facilitate technology-enabled insurance covers, the Insurance Regulatory and Development Authority of India (Irdai) has permitted general insurance companies to introduce concepts like ‘pay as you drive’ and ‘pay how you drive’ for the Motor Own Damage (OD) cover, according to a press release dated 6 July.
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