Edelweiss General Insurance Company Limited
Edelweiss Switch - Driver based Insurance
Each of our products or services is born out of a real customer insight or need, and the story of Edelweiss SWITCH is no different! Through extensive research of market trends, customer behaviour & viability analysis, we figured that telematics-based offerings are a logical progression in the motor segment. At Edelweiss, being digital first & rolling out innovative products are market positioning pillars. Hence, we centred our offering on these principles. Choosing app-based model helped us enhance user journey & experience.
What differentiates Edelweiss SWITCH from other Motor OD policies, is that it is driver-based insurance, where the insurance is calculated on the age and experience of the driver. Edelweiss SWITCH uses a pay-as-you-use model that allows the customer to pay the premium only on the days they use the vehicle, offering significant cost savings and convenience. Customers can use the app to SWITCH their policy cover 'ON' and 'OFF', depending on whether they are driving that day. Also, while the policy covers accidental damage when it is switched on, vehicles will be covered 24/7/365 against fire and theft, even if the policy is switched off at that time, since these incidents can happen even if the vehicle is not being driven.
IRDAI’s Sandbox platform is a welcome and progressive move, to encourage creation of innovative solutions for customers. Under this only three players, including Edelweiss General Insurance, have been given an approval for motor floater products. The “Pay as you use” model is expected to change the erstwhile industry standard of determining premium for Motor OD (by age, make and model of the vehicle), to premiums based on usage and driving experience
As far as product launch was concerned, our concept was simple #DontUseDontPay As a digital native company, we leveraged Instagram LIVE session with our CEO and ED Shanai Ghosh launching the product with buzz created using micro influencers, our launch and campaign communication packed a solid punch with very relatable instances that made our audience sit up and take notice.
- Reduced the cost of sales force stationery like DSR, expenses sheet etc.
- Helped to understand the stores, area, and market potential through reports generated in this software.
- Helped in understanding customer approach in better way.
- Helped in planning and execution of incentives of sales team.
- Analysis of products and SKU – area wise, state wise became easier.
- It significantly reduced number of visits required by sales team to service the retailer majorly during pandemic and ultimately lead to increase in profitability of the Company.
- Got deep data driven insights about retails ordering behavior & accordingly can make strategy of sales promotion and marketing.
- In the lockdown, we have benefited a lot from this app by taking orders from retailers.
- It acts as the direct channel to help us to get an idea of area wise, product wise, customer wise order details and helps in deciding sales strategy accordingly.