Carro launches AI-driven usage-based auto insurance product in Singapore

Carro launches AI-driven usage-based auto insurance product in Singapore | Insurance Business Asia

Carro launches AI-driven usage-based auto insurance product in Singapore

Regional automotive marketplace Carro has launched an artificial intelligence (AI)-driven pay-per-kilometre car insurance and maintenance plan in Singapore.

In a statement, Carro said its “Covered” product is the first of its kind in the city-state and allows drivers of all types of cars – including electric vehicles (EVs) – to “tailor their insurance premiums and maintenance coverage according to their lifestyles.” 

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After a digital signup process, customers will be sent an installation guide and the Carro IQ device, an on-board telematics unit handled by tech firm Quantum Inventions (QI).

Once installed, the device will begin to track the vehicle's odometer data, which will be used to calculate usage-based insurance and maintenance charges.

“Digitalisation has turned the auto industry into a whole new ball game,” said Aaron Tan, founder and chief executive officer of Carro. “As one of the first to embrace it through our investments into digital technologies, Carro has been able to provide new generations of car owners a single touchpoint to resolve their car concerns through AI-driven, end-to-end services – including user-based insurance (UBI).

“Our existing UBI offerings have been received with great success and we are excited to take this digital transformation one step closer with Covered. Having the convenience of UBI and maintenance in one neat, personalised package helps drivers save more on both sides and further streamlines the management of car ownership."

Covered is distributed by Genie Financial Services, a subsidiary of Carro, and underwritten by NTUC Income.