- The feature offers new and renewal customers up to 30 per cent rebates of the basic premium
- Is the first insurer to provide usage-based motor insurance rebates without any location tracking and/or telematics device
SINGAPORE, 16 November 2021 – Etiqa Insurance Singapore today announced the introduction of its new usage-based motor insurance feature. Dubbed “Drive Less, Save More” (DLSM), the new feature offers customers rebates* of up to 30 per cent of the basic premium and is available for new Private Car Insurance comprehensive plan sign-ups and renewals.
The introduction of DLSM stemmed from the continued robust demand for cars despite the decline in car usage since the onset of the pandemic. According to the Land Transport Authority of Singapore, car population (excluding private hire cars and taxis) had risen by almost four per cent since the start of 2021 to end of September this year.
“Singapore’s love for cars has not been dampened by the pandemic. While this trend is ongoing, we also understand that car usage has inevitably fallen as people adopt hybrid work models and curtail outdoor activities given the pandemic,” said Dennis Liu, Chief Digital and Transformation Officer of Etiqa. “With the rollout of the new DLSM feature, we aim to provide drivers with a form of reward for the fewer mileage clocked on the road.”
Be assured of a hassle-free process
Upon signing up for a new Private Car Insurance plan with the DLSM feature, customers simply have to upload an image of the car odometer reading and car number plate via the Tiq by Etiqa App at their convenience.
Thereafter, they can choose to upload the car odometer reading as frequently as they wish, subject to a minimum of 10 days between each upload. Using Artificial Intelligence technology, the app will be able to assess the images uploaded and calculate the rebate amount. This offers customers a sense of security given that there are no telematics system or location tracking involved.
Cash rebates will be credited to the customer’s TiqConnect eWallet within 3 working days. Customers can choose to encash the rebates from the eWallet instantly and directly to their bank account or via PayNow.
Cash rebates are calculated on a daily basis, as a percentage of a customer’s basic premium or contribution (minus no claim discount).
For the full terms and condition, please visit our website.
A move towards a sustainable transportation
Besides rewarding drivers who spend less time on the roads, Etiqa also sees this as a step towards a more sustainable future for Singapore.
“Life in Singapore is set to be much greener over the next decade,” said Raymond Ong, Chief Executive Officer of Etiqa. “Aligned with the Singapore Green Plan 2030, we see this as an opportunity for us to power the fight against climate change. At the same time, enable Singapore residents to play a part in meeting the republic’s long-term emission reduction targets.”
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About Etiqa Insurance Pte. Ltd. (Etiqa Singapore)
Protecting customers since 1961, Etiqa Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act.
The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and takaful business in ASEAN offering life and general insurance as well as family and general takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa is rated ‘A’ by credit ratings agency Fitch for the group’s ‘Favorable’ business profile and ‘Very Strong’ capitalisation.
Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.
For media enquiries, please contact:
Chief Marketing Officer, Etiqa Singapore