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INSURE is a platform that lets any insurance provider create their own ‘white label’ Usage Based Insurance (UBI) solution.

INSURE is a platform that lets any insurance provider create their own ‘white label’ Usage Based Insurance (UBI) solution.

The INSURE platform integrates advanced telematics equipment and analytics to enable the insurer to track vehicle speed, distances travelled, parking location, hours of use, aggressive braking and acceleration, and more.
The focus of the INSURE UBI solution is to incentivise policyholders to modify their driving behaviour through the use of the telematics device installed in the vehicle to monitor driving patterns, encourage safe driving practices and reward customers with lower premiums for good driving behaviour.

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The INSURE platform integrates advanced telematics equipment and analytics to enable the insurer to track vehicle speed, distances travelled, parking location, hours of use, aggressive braking and acceleration, and more.
The focus of the INSURE UBI solution is to incentivise policyholders to modify their driving behaviour through the use of the telematics device installed in the vehicle to monitor driving patterns, encourage safe driving practices and reward customers with lower premiums for good driving behaviour.

Why UBI?
Traditional Insurance vs UBI

Traditionally, insurance premiums are set by using information provided by the vehicle driver to determine a risk level for that driver and the vehicle. Some of the risk factors in this model are how often the policyholder commutes and how far, the type of car they drive, where they live, and their driving record. All of these factors and more are used to estimate the level of risk they represent, and the insurance premium is set accordingly.
In this traditional model the information about commuting frequency, distance and other usage factors is provided by the driver using estimates and which can make the data inaccurate. By tracking the actual distance driven the INSURE solution provides accurate information, which means insurers can price premiums more accurately and fairly. This is the benefit of UBI.

If you are an insurer, INSURE can improve your business in the following ways:

  • Policyholders are incentivised to modify their driving behaviour, reducing risk and improving your profitability by reducing claims and payouts
  • Acquisition of new, lower risk customers drawn by the appeal of the lower premiums of your UBI products
  • Increasing your non-UBI policy premiums over the longer term to better reflect their risk or to lose these drivers from your books
  • Premium discounting for reduced risk is only one option. What if you were to also offer loyalty rewards to your customers based on their driving behaviour? Fuel, tyre or servicing discounts? Restaurant offers? Loyalty “points” the customer can use for whatever they choose? This is all possible with the INSURE platform.

 

INSURE also offers significant benefits to the policyholder, such as:

  • Reducing accident risk through improved driving behaviour
  • Faster emergency response times following an accident
  • Tracking and recovery of stolen vehicles
  • Improving accuracy when establishing fault and settling claims
  • Reducing driving – leading to less pollution, traffic congestion and fuel consumption
  • INSURE has a companion smartphone app which can be configured with a range of modules. For example, you can easily add “Make a Claim” to the app, which will allow your customer to do just that by taking photos of the accident and uploading the details and the claim automatically to you. Location based rewards can be pushed to the customer’s device, along with information about traffic conditions.

The INSURE platform helps you to reduce your claim volumes and claims administration costs, attract and retain lower risk customers, and actively reduce fraud – all contributing to growing your bottom line.

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Case Study

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