Aimed at revolutionizing the motor insurance landscape, Chola MS General Insurance, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited of Japan, has entered into a strategic partnership with Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI), launching the innovative ‘Pay How You Drive’ (PHYD) insurance model. Designed exclusively for the Toyota Innova Hycross models, this advanced policy links insurance premiums directly to individual driving behavior, setting a new standard for personalized, fair, and technology-driven motor insurance solutions.
The ‘Pay How You Drive’ is designed to revolutionize the way car insurance works by leveraging the Embedded Connected Car technology in the vehicle to arrive at driving scores based on critical driving metrics such as speed, braking, acceleration, and distance travelled. This driving score data is then used to calculate customized premiums for each policyholder.
Speaking on the occasion 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.”
Adding to this, 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.”
