Innovative Products

DEVELOPMENT OF A NEW, INNOVATIVE AUTOMOBILE INSURANCE PRODUCT

BACKGROUND AND INITIAL SITUATIOn

Idea is to use GPS technologies to support an automobile insurance product based on usage and to improve risk management.

Piloting in a market where GPS based products are already available.

CENTRAL CUSTOMER REQUIREMENTS

  • 95% of the interviewed customers are interested in an automobile insurance product tailored to use
  • 90% are willing to provide information and data concerning their  driving behavior to the insurance company
  • 82% refuse to install a GPS system in their vehicle

Solution

  • The observed driving behavior is the basis for the premium calculation rather than the car itself
  • Detected good driving behavior is rewarded
  • Solution is based on available Smart Phone technology

Added value for company and customerS

  • Product enables greater risk classification and access to new target groups
  • Direct influence on premium amount leads to higher customer satisfaction and customer retention