Automobile Association of Singapore introduces proprietary motor insurance for new drivers

Asia Insurance Review | April 25, 2019

In partnership with Liberty Insurance Singapore, the Automobile Association of Singapore (AA Singapore) has launched a motor insurance policy for young or new drivers which is offered by its wholly-owned subsidiary AAS Insurance Agency. Dubbed 'Young or New Drivers Motor Insurance', the policy is designed for drivers below the age of 24 or new drivers with less than two years of driving experience. It is common for young or new drivers to face higher excess and premium on their motor insurance plans as they are commonly classified as one of the high-risk groups that are more likely to be involved in an accident due to their lack of driving experience. “Young or new drivers are deemed to be less safe than a seasoned driver as studies have shown that these drivers are more prone to being involved in road accidents. Often, accidents are a result of human error and we want to instil the right attitude to this group of drivers and help them to be safe on roads; by raising their risk awareness and understand how they should react under differing road conditions, thereby lowering their chances of a crash,” said AA Singapore president Bernard Tay.

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

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Reliance Matrix Partners with Zywave, an Insurance Tech Company Providing Innovative, Cloud-Based, Digital Agency Management Systems to Brokers

Business Wire | August 08, 2023

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Core Insurance, Life Insurance

Fortegra Specialty Insurance and Rockwood Programs Partner to Offer Liability Insurance

PRnewswire | July 12, 2023

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Enhance Health Expands Capabilities with Acquisition of Jet Health Solutions

PRnewswire | July 26, 2023

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