FBC has just announced MyDrive; an insurance service they are terming as “customer driven and low-cost Usage Based”. The new FBC product is the first of its kind in Zim and it allows customers to get charged on a case by case basis dependant on their mileage.
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In a press release sent out to media, FBC did not disclose more details on how this service actually works but they did urge potential clients to get in touch with them:
MyDRIVE by FBC Insurance is now available on the market. Clients interested in signing up for the affordable service can text “Less” to 0786257574/5/6 and an FBC representative will call back or visit their nearest FBC Insurance or FBC Bank branch countrywide for assistance.
Mr Roy Nyakunuwa FBC’s Brand Manager spoke of the recent development saying he expects this to offer more flexibility to customers;
The pricing scheme for the world-class and affordable FBC Insurance MyDRIVE Usage Based Insurance deviates greatly from that of traditional motor insurance. It provides a wide spectrum of client segments the freedom to enjoy fair and affordable insurance pricing. The innovative solution provides customised comprehensive insurance cover which allows customers to save up to 50% on their vehicle insurance premiums in line with kilometres covered.
What we have observed is that in some instances people own more than one vehicle and some of the vehicles are not often used and are mostly parked at home. When it comes to payment of insurance, the parked vehicles attract premiums equivalent to those of vehicles that are for everyday use. Some drivers stay very close to their work places and they do not do much mileage and in such cases it becomes prudent to get insurance in line with the mileage they cover. This customised insurance solution is designed to provide fair and affordable insurance solutions to the motoring public.
Tech has been greatly disrupting the insurance industry and MyDrive seems to be in line with developments in other markets such as South Africa. There are some advantages to these pay as you drive insurance services such as the ability to have comprehensive cover at a lower cost which is ideal if you have a car you don’t drive on a daily basis or if you live close to work and your mileage is relatively low.
We have contacted FBC reps to further understand how exactly this service will work.