Tribecar announces a partnership with NTUC Income (Income) and CARRO to provide next generation smart city insurance for their Super Economy cars.
The partnership will provide transparent motor insurance coverage through a usage-based proposition where motor insurance is no longer based on a fixed cost but tied to the vehicle’s smart data such as mileage, location and timing consumption.
The joint initiative between Income and CARRO’s leasing arm, CARRO Leap touted as the Netflix of Cars, developed a usage-based motor InsurTech platform, combining telematics, insurance and data analytics, designed to enable car rental firms in Singapore to mass adopt usage-based programmes effectively.
Tribecar has adopted this smart city insurance programme and has now made it possible to provide car-sharing hourly rentals from as little as SGD$0.50/hour for its “Super Economy” Category.
With UBI, motor fleet owners can now take control of their car insurance and create innovative business models such as a “drive less, pay less” car rental.
For more information on Tribecar, please visit here.