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Press Release

CARRO PARTNERS WITH NTUC INCOME TO LAUNCH SINGAPORE’S FIRST PAY-AS-YOU-DRIVE INSURANCE

Tech And Big Data Analytics Drive Savings Straight To The Customer’s Wallet

  • The usage-based insurance model is via a ‘pay-as-you-drive’ model
  • Carro’s proprietary technology assesses how much each car is driven to calculate savings for customers who drive less
  • The usage-based insurance model is part of the company’s subscription-based service, the first-of-its-kind in Singapore offering all-in-one flat monthly charges

SINGAPORE, 27 November 2019 – Carro, Southeast Asia’s largest automotive marketplace, partners with NTUC Income to enhance the company’s car subscription service. The new usage-based car insurance between Carro and NTUC Income is via a ‘pay-as-you-drive’ model that is based on how much the user drives the car; the less they drive, the less they pay.

From 28 November this year, all Carro car subscription customers will benefit from insurance savings via subscription credits based on how much they drive.

Carro states that this plan is a true usage-based insurance offering. Unlike other motor insurance plans that offer a renewal discount to customers based on their previous driving behaviour, this new insurance service uses Vehicular Telematics to assess how much each of their cars is driven in a single month. This data accurately determines the exact premiums, down to the kilometres driven and charges the customers accordingly for the month.

Aaron Tan, Founder and CEO of Carro said: “We recognise that while drivers own their cars, they may not be using them 24 hours a day, every day. With our usage-based insurance policy, we want to go the extra mile by calculating premiums based on how much they actually drive. This is part of Carro’s commitment to transform car ownership that meets the practical needs of today’s drivers.”

“When we launched our subscription service, we wanted to bring back the love of driving for Singaporeans without saddling them with unnecessary, burdensome costs, for which we integrated all spendings is a single monthly fee. Once again, we are using our technology to give back to our customers, the basis of our philosophy since we first launched the company.”

He added, “We are confident that our usage-based insurance will allow many drivers to enjoy savings, convenience and hassle-free experience through a trusted platform. Carro is proud to work with NTUC Income to extend this scheme to the wider pool of Singaporean car owners.”

He added, “We are confident that our usage-based insurance will allow many drivers to enjoy savings, convenience and hassle-free experience through a trusted platform. Carro is proud to work with NTUC Income to extend this scheme to the wider pool of Singaporean car owners.”

Peter Tay, Chief Digital Officer at Income said: “Innovating with leading digital partners has enabled Income to continually reimagine insurance and bring even more value to consumers in Singapore. Our collaboration with Carro has equipped us with invaluable customer insights which empowered customisation of insurance solutions. We believe our customer-centric approach to innovation will allow us to bring even more products to Carro’s customers and Singapore car owners at large.”

Drivers that have an existing subscription plan with Carro will automatically benefit from this usage-based insurance offering. Their savings will be reflected in the next billing cycle.

Carro’s subscription model, first of its kind introduced in Singapore – offers all-in flat monthly charges starting at S$1,399 that covers insurance, road tax, regular maintenance and 24-hour assistance.

Through Carro’s flexible subscription-based service, currently available in three plans – Daily, Roomy, and Fancy – users no longer have to stick with the same type of car for the full period of ten years. Users can choose to return the car anytime, forget about the need to sell the car after using – a truly hassle-free car ownership experience.

Carro is transforming car ownership through its 360-degree approach which includes buying and selling, financing, insurance, warranty, workshop and roadside assistance. To date, Carro’s forays across Southeast Asia include Singapore, Thailand and Indonesia. The company is the region’s largest automotive marketplace – having transacted over US$500 million worth of cars in 2018.

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