You are here

NTUC Income introduces telematics-based motor insurance schemes

Thursday, October 6, 2016 - 12:35
Income FlexiMileage.JPG
Drivers participating in FlexiMileage must install the telematics device in their private cars, which will capture the mileage travelled by the vehicle.

MARKET leader NTUC Income is using technology to transmit driving behaviour and reward good drivers with a discount on motor insurance premiums.

Income will be the first to apply this telematics-based insurance system to passenger cars here, although the technology is being used to track commercial vehicles here as well as cars in Europe.

Income, Singapore's top motor insurer with a 20.5 per cent market share, launched two insurance schemes on Thursday - the app-based Drive Master and FlexiMileage, which comes with an onboard device.

Drive Master tracks speeding, manoeuvres, mileage and drive time, with resulting scores earning between 5 and 20 per cent discounts on top of the NCD or no claim discount.

On the other hand, FlexiMileage measures only distance, with owners of low-mileage cars netting either a 20 or 35 per cent discount.