Thaivivat Insurance

History

2019: Insurance only the started cars — for the first time in the world

At the beginning of August, 2019 the Taiwanese insurance company Thaivivat Insurance submitted the first-ever insurance policy which is automatically activated when the driver starts the car, and ceases to work after muffling of the motor. Such type of an insurance allows to cut down expenses on 40%.

IoT in insurance: for the first time in the world began to insure only the started cars

By August, 2019 the amount of the Thai automobile insurance for the last decade doubled. However about 30% of motorists do not want to submit the application for car insurance as they consider it unreasonably expensive. For the solution of this problem and creation of a new system of insurance Thaivivat Insurance integrated with the supplier of telecommunication services of Advanced Info Service, largest in Taiwan, to integrate solutions of Internet of Things in the service of car insurance.

The tracking device on the SIM card which allows to connect the smartphone with the vehicle will be provided to users. A system will read to work as soon as the user connects it to USB port in the car. Through Advanced Info Service network the device sends data to the insurer who turns on the insurance counter at start of the car and disconnects when the driver suppresses the engine.

Service is intended for motorists who go less than four hours a day. In that case this service on demand will allow them to save up to 40% on insurance premiums. It is reported that the company invested in technology $3.3 million Thaivivat already opened sales in the new system of insurance.

Thaivivat is not the first Thai company which tries to change the market of insurance services. In June, 2019 Krungsri Auto started an online channel of distribution of insurance services which allows clients to compare offers among themselves and to find that correspond to their requirements and the budget.^[1]

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