Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- Pay-How-You-Drive insurance model unveiled  Join our daily free Newsletter

MENAFN - The Peninsula - 17/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Qatar Mobility Innovations Centre (QMIC) and Qatar Insurance Company (QIC) yesterday inked an agreement to launch a pilot project related to smart driving system, the-first-of-its-kind in the region, to introduce 'Pay-How-You-Drive' insurance model rewarding law-abiding motorists.

The project aims at enhancing road safety by assessing motorists' behaviour by using innovative technology to reward gentle drivers, to help reduce accidents and casualties.

The partnership is part of a bigger plan to introduce new insurance products to reward law-abiding motorists by using intelligent traffic system.

It was signed by Ali Saleh Al Fadala, Senior Deputy Group President and CEO, QIC, and Adnan Abu Dayya, Executive Director and CEO, QMIC, at the QIC headquarters.

Both sides are gearing up to eventually introduce an innovative and customised vehicle insurance plan based-on 'Pay-How-You-Drive' model, offering incentives and rewards to customers such as discounts on insurance premium and other benefits.

"Under the pilot project, Masarak Telematics devices will be installed in the vehicles of 40 QIC volunteers to collect data assessing driver's performance on the road.

"The information will be translated into an index to prepare the driver's scorecard, which will help decide the degree of incentives and insurance premium for a vehicle," said Abu Dayya.

Vehicles participating in th pilot will be equipped with Masarak's Telematics devices to collect data to evaluate key driving habits of motorists, including harsh acceleration and deceleration, over-speeding and distance driven. All these factors will be used by the MasarakiFleet cloud-based system to compute the driver scorecard to compare and rank drivers.


This information, if coupled with proper incentives, can influence the driving behaviour and have a significant impact on road safety, which is a key priority in Qatar and the region.

The pilot will also allow participants to learn about their driving behaviour and enable them to compare with other drivers.

The insurance plans can serve as a key motivator to keeping driving habits in check and building an eco-system in Qatar, supporting better road safety.

Al Fadala said: "QIC is proud to partner with QMIC to use national innovative systems and technologies to introduce innovative insurance applications for road safety for the first time in the region. The partnership is a key step to making a significant positive difference in road safety and driving behaviour."

QMIC at Qatar Science and Technology Park is the first independent regional innovations centre created to leverage the use of emerging mobility technologies and lifestyle in developing and deploying intelligent solutions and smart applications for use in transportation, road safety, environment and smart city platforms.

 


The Peninsula




  MENA News Headlines
 Jul 2 2016 - Jordan to cut 77 percent of GDP by 2021MENAFN
(MENAFN) Jordan aims to introduce a program of far-reaching structural reforms in order to face economic challenges.Accordingly, the new financial measures would target boosting the GDP and enhance ...

 Jul 2 2016 - Saudi, France discuss Vision 2030MENAFN
(MENAFN) Saudi Arabia's Vision 2030 is a catalyst and accelerator for development, which aims to enhance non-oil revenues.Additionally, there is a focus on growing regional content in industry and ...

 Jul 2 2016 - Dubai to invest USD1bn in road projectsMENAFN
(MENAFN) Dubai is doubling down on its bet that investments in transportation will spur the emirate's economy as lower crude prices strain budgets.Moreover, Dubai predicts to seek bids among 8 months ...

 Jul 1 2016 - Qatar, Indonesia join forces in gas searchMENAFN
(MENAFN) Indonesia is seeking partnership with Qatari top firms such as Qatar Petroleum or RasGas for gas exploration on its land, based on recent reports.Indonesia already sees and realizes the ...

 Jul 1 2016 - UAE seeks for India to be top business partnerMENAFN
(MENAFN) India is forecasted to surpass Japan as the top export destination of the UAE by the year 2030, according to the latest reports.Japan and India stood at 11 percent and 6 percent respectively ...

 Jul 1 2016 - Omani Port of Salalah initiates new crucial line servicesMENAFN
(MENAFN) Oman's Port of Salalah, a key Arab Gulf region gateway port for the Arabian Sea, is going to have French-based CMA CGM, the world's third-largest container shipping line adding two new ...

 Jul 1 2016 - Kuwait oil price up 54 cents to USD44.66 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, July 1 (KUNA) -- The price of Kuwait oil went up by 54 cents to reach USD 44.66 per barrel Thursday after trading at USD 44.12 pb the day before, said ...

 Jul 1 2016 - Sabbiyah shrimp project to achieve production boom - studyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, July 1 (KUNA) -- The proposed Sabbiyah shrimp farming project expected to be a leading one is designed to achieve a production boom to meet the rising ...

 Jul 1 2016 - Kuwait- No makeshift eid prayer locations -- ministryKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, July 1 (KUNA) -- Eid Al-Fitr prayers will be confined to mosques and no makeshift prayer places will be set up, the Ministry of Awqaf and Islamic Affairs ...

 Jul 1 2016 - Kuwait- His Highness the Amir congratulates Rwanda on nat'l dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, July 1 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent a cable of congratulations Friday to Rwanda''s President Paul Kagame ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help