Insurance giant, United General Insurance (UGI) has rewarded drivers from MyBucks Banking Corporation who are on AutoPrice insurance policy with free fuel for good driving behaviour.
The AutoPrice policy is a new insurance policy with an approach to discourage risky driver behavior and it relies on the use of telematics devices placed in a vehicle that rate driver behaviour according to a given set of risk proxies.
UGI Chief Operating Officer MacDonald Chibwe said they decided to reward 10 drivers from MyBucks Banking Corporation who are on AutoPrice policy after the system showed good driving behavior.
“This product has proved to be effective in monitoring driving behaviour and in reducing the risk of accidents on the vehicles. Apart from the monthly scores that the system generates on the drivers, there is also another incentive attached to this product where it calculates discount when renewing the insurance policy at the end of the year,” said Chibwe.
The drivers got free fuel ranging from 50 to 55 litres depending on the points scored by the system.
Principal Officer responsible for Bancassurance at MyBucks Banking Corporation James Msiska hailed the AutoPrice product saying it has reduced motor insurance risk for the company’s staff members.
“We are very happy with this product, those who have benefited are our members of staff but we are planning to extend it to our clients as well,” said Msiska.
According to Chibwe, the drivers’ rating on the AutoPrice product is tied to their premium payment where high risk drivers pay more while low risk drivers get rewards for their good driving behaviour.
“AutoPrice promotes and builds a safe driving culture amongst UGI clients and this reduces the claims payouts,” said Chibwe.