The insurance companies in India see a huge opportunity in the vehicle market after the government has mandated compulsory location tracking devices for all public transport vehicles that have a seating capacity of over six people. State transport buses, school vans, ambulances and other special purpose public carriers will have to follow this regulation.
Insurance companies like ICICI Lombard, Liberty Videocon and Bajaj Alliance already have such devices fitted. They have live-tested telematics solutions on the road. Others are expected to follow suit. Bajaj Alliance General Insurance’s cars for its policyholders have vehicle track location, geo-fencing, engine/ battery health indicators, towing services and emergency alert services.