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NTUC Income introduces telematics-based motor insurance schemes
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.