MS&AD, Toyota link up for new motor insurance product

Industry giants partner to create a telematics insurance solution native to popular maker’s vehicles

MS&AD, Toyota link up for new motor insurance product

Insurance News

By Gabriel Olano

Aioi Nissay Dowa Insurance, part of Japan’s MS&AD Insurance Group, has partnered with leading automotive manufacturer Toyota to develop the first driving behaviour-based telematics motor insurance product for Toyota vehicles.

On sale beginning January 15, 2018 with insurance liability effective April 2018, the new product will be available for certain models of Toyota and Lexus connected cars, using the vehicle’s on-board devices to gather data about driving behaviour. Its pricing is a combination of basic insurance premiums and usage-based insurance. According to Aioi Nissay Dowa, safe drivers can get discounts of up to 80% on their policy’s usage-based component.

Several value-added services and features are also scheduled to be released alongside the new policy, the insurer added.

In one such feature, motorists will be able to access a detailed monthly report on their driving behaviour, allowing them to identify areas where they excel and where they need improvement. The system also provides personalised feedback for drivers’ benefit.

“Both Toyota and Aioi Nissay Dowa Insurance intend to contribute to the realization of a safe and secure traffic environment for society through the development and provision of telematics automobile insurance that utilizes connected cars and automobile big data,” the two firms said in a joint statement.

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