Chola MS General Insurance, a joint venture between the Murugappa Group and Japan’s Mitsui Sumitomo Insurance, has partnered with Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI) to introduce the ‘Pay How You Drive’ (PHYD) insurance model for the Innova Hycross.
This innovative policy uses the vehicle’s Embedded Connected Car technology to assess driving behavior through key metrics like speed, braking, acceleration, and distance traveled. The driving score generated from this data allows for personalized premiums, offering policyholders a tailored insurance experience.
Speaking on the occasion Mr V. Suryanarayanan, Managing Director of Chola MS, stated “Our collaboration with TKM and TTIBI is driven by our mission to provide innovative, customer-focused insurance solutions. We are excited to offer the ‘Pay How You Drive’ insurance product that rewards policyholders’ safe driving behaviour with transparency and reliability. This offering enables Toyota Hycross policyholders to determine their insurance costs.”
Mr Takayuki Ueda – Managing Director, CEO & Principal Officer, Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI) said “Marking a significant milestone in India’s insurance landscape, Pay-How-You-Drive (PHYD) has been launched, drawing inspiration from Japan’s successful usage-based insurance models. Leveraging Japan’s expertise in telematics-driven insurance, the partnership between TTIBI and Chola MS combines global best practices with local insights, adapting Insurance framework to India’s unique market conditions. This collaboration aims to provide impressive results and rewards safe driving habits, promotes road safety, and empowers customers to control their insurance premiums, enjoy personalized benefits, and contribute to a safer driving culture.”
