Usage-based Insurance (UBI) is a platform that is no longer foreign in this "Internet of Things" (IoT) world.
However, not many in Malaysia are familiar with this mechanism to give value to vehicle insurance, which helps to create safer roads and save more lives.
UBI will allow insurance companies to acquire driving behavior data which then will help them curate better insurance programmes.
Today, three insurance companies Allianz Malaysia Bhd, Etiqa Insurance Bhd and Etiqa Takaful Bhd have paved its way to boost adoption of UBI in Malaysia.
The three insurers signed a Memoranda of Understanding (MoU) with a local start-up, Pixelated Sdn Bhd (KATSANA) which will allow insurers to develop UBI products for their customers.
In addition, the parties involved will work together with KATSANA to improve its newly launched DriveMark telematics app as means to collect driving behavior data.
KATSANA managing director and co-founder, Syed Ahmad Fuqaha Syed Agil, said the collaboration is important for all parties involved as it helps to promote a progressive and transparent UBI approach.
"We work together to analyse the data, to understand what's the actual risk of drivers in Malaysia.
"And we use this data to help them become safer drivers on the road and offer them rewards for good behaviour.
"We hope this is going to be a social movement where KATSANA and drivemark, together with our insurance partner in Axiata become the catalyst for safer driving in Malaysia," he said.
Shafizan Johari, Isabelle Leong
Tue Sep 05 2017
Syed Ahmad Fuqaha Syed Agil (centre) at the MoU signing on Tuesday. - Astro AWANI
KPDN Sabah terima 67 serahan kes dengan nilai rampasan lebih RM2 juta
Kementerian Perdagangan Dalam Negeri dan Kos Sara Hidup (KPDN) Sabah menerima 67 serahan kes daripada agensi penguat kuasa lain dengan nilai rampasan RM2.01 juta sejak Januari lalu hingga hari ini.
Lapan pendatang tanpa izin dihukum penjara enam bulan di Kelantan
Lapan individu dihukum penjara enam bulan selepas mengaku bersalah di Mahkamah Sesyen Khas bagi Pendatang Asing Tanpa Izin di Tanah Merah semalam.
Lebih banyak kolaborasi bidang TVET antara Malaysia dan China - Ahmad Zahid
Malaysia dan China akan mengadakan lebih banyak kolaborasi dalam Pendidikan dan Latihan Teknikal dan Vokasional (TVET) bagi memperkasa bidang itu.
KPDN Kelantan sita 34,871 liter minyak diesel di Kuala Krai
Kementerian Perdagangan Dalam Negeri dan Kos Sara Hidup (KPDN) Kelantan menyita kira-kira 34,871 liter minyak diesel bernilai lebih RM74,900 di sebuah premis perniagaan di Kuala Krai, semalam.
Baki stok simpanan air di empat empangan pada paras kritikal - NADMA
Empat empangan air di Johor, Pulau Pinang dan Kedah menunjukkan penurunan paras simpanan sumber air mentah pada paras kritikal setakat semalam susulan cuaca panas.
Pesawat Maritim Malaysia bantu padam kebakaran di Miri
Maritim Malaysia telah mengatur gerak pesawat Bombardier CL-415 miliknya, bagi membantu dalam operasi memadamkan kebakaran hutan tanah gambut secara bersepadu.
Polis tahan lelaki bakar mercun di tengah jalan raya
Polis menahan seorang pembantu bengkel yang disyaki membakar mercun di tengah jalan raya, ketika perarakan pengebumian berdekatan sebuah pasar raya di Banting, Selangor, semalam.
Usaha kumpulan minoriti serang dasar kerajaan perlu dibendung - Ahmad Zahid
Ahmad Zahid menyifatkan kumpulan minoriti itu umpama 'biawak hidup' kepada sebarang perancangan memajukan negara.
NADMA laksana pembenihan awan di Papar, Lahad Datu dan Tawau
Operasi itu dilaksanakan bagi mendapatkan sumber air mencukupi di kawasan tadahan hujan ekoran cuaca panas.
Sultan Selangor berkenan lancar Tabung Pembangunan Ehsan Selangor-Gaza
Sultan Selangor Sultan Sharafuddin Idris Shah hari ini berkenan melancarkan Tabung Pembangunan Ehsan Selangor-Gaza.