Heritage Insurance taps technology to offer motorists premium relief

Wednesday, May 20th, 2020 00:00 |
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Zachary Ochuodho @zachuodho

Motorists who have insured with Heritage Insurance will get a five per cent refund following restrictions imposed by the government due to Covid-19 pandemic.

A study by Heritage Insurance indicates that 46 per cent of insured motorists drove less in the month of April.

This is compared to their monthly driving range over the previous six months, an occurrence attributed to reduced movement and most people working from home.

Godfrey Kioi, the firm’s CEO said Covid-19 pandemic has raised a lot of questions for conventional insurance products, adding that Kenyans are concerned that their cars are stationary yet insurers are still collecting premiums from them at normal rates.

He said due to the reduced exposure the firm has announced, a five per cent refund to its policyholders, based on each individual’s level of reduced driving in April.

Driving range

He said a normal driving range of a 7.5 per cent discount on the annual motor vehicle premium for customers converting to AutoCorrect during the months of May, June and July will get a 15 per cent discount for motorists on the motor cover for the months of May and June.

Speaking during the announcement, HG Thanawalla Insurance Brokers Ltd Managing Director, Taj Thanawalla said the discount is a material relief for customers, in these tough times. 

“It is a clear demonstration of the use of innovation to drive data-based and intelligent pricing, for the benefit of both the insured and the insurer,” he added.

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