Middle East - Qatar: QIC offers pay-how-you-drive cover
Source: Middle East Insurance Review | May 2016
QIC Insured has launched a pay-how-you-drive (PHYD) car insurance product, said to be first product in the Middle East which links auto premiums directly to actual driving behaviour.
The new product, developed together with Qatar Mobility Innovations Centre (QMIC), is based on a mobile solution for the iPhone/ iOS platform – with Android soon to come – which registers the driving behaviour of a motorist and rates it on a scale from 0 to 100. In order to get cheaper car insurance, the driver has to demonstrate an overall driving score of more than 94%.
Mr Frederik Bisbjerg, Executive Vice President – MENA Retail, QIC, said: “There’s no downside to this. If you’re not able to achieve the 94% score, your car insurance premium will not increase – this only has a positive side, namely the additional discount.”
The app and premium structure are still being monitored to further refine the products and scoring in the future, according to the statement. The next step is to expand the offering to other phone systems other than iPhone.
Mr Salem al-Mannai, Deputy Group President and CEO, QIC (MENA region), said: “Supporting road safety is a key element for QIC Insured and Qatar Insurance Group. So, we see this initiative as a natural extension of our current road safety activities.”