Germans show a growing interest in new insurance products and telematics solutions, according to the comparative data from the studies conducted by Amodo and MindTake in 2017 and 2022.
In both studies, we joined forces with the MindTake agency to explore the potential of the telematics market in one of the most developed European countries, and the newest data suggests a systematic growth of interest in advanced, app-based insurance solutions.
Results showed that in five years, the number of German respondents who are ready to use smartphone telematics grew by approximately 15 percentage points. To be more precise, in 2022, 74% of respondents stated they would consider buying the service, compared with 59% of interested respondents in 2017.
The following findings refer only to respondents who stated they can imagine buying the service.
According to the new data, the three most commonly stated reasons to use the presented telematics solution (multi-select choices) are cost control (54%), insurance flexibility (54%), and saving on expenses, compared to long-term insurance (53%). Five years ago, the main reasons were saving on expenses (25%), insurance flexibility (23%), and easy handling via a smartphone app (17%).
When it comes to the most preferred occasions for using the service, local vacations and weekend trips come as the most prominent. Weekend trips within Germany take the top spot among the choices (73%) in 2022, while the most of 2017 respondents (71%) stated vacations within Germany as the most preferred occasion. It's interesting to note that bad weather was also among the most stated occasions in both studies.
Regarding the additional features of the app, the most relevant one was the easy access to services such as road assistance (69%), as shown by the 2022 study. The second and third most relevant ones were handling the claim report directly via the app, in a user-friendly way (68%), as well as the insurance policy discounts based on how safe you drive (67%).
The 2017 data reveal a bit of a different preference order. Five years ago, the most relevant feature was the possibility of a discount when safe driving behavior was displayed (67%). The second and third most relevant ones were the easy access to services such as road assistance (67%) as well as handling the claim report directly via the app (63%).
Amodo has been present in the German market since 2016, working on telematics projects for renowned clients.
Amodo is an insurtech company on a mission to disrupt the insurance industry. By turning users' smartphones into powerful telematics sensors, Amodo Connected Insurance Platform enables insurers to deliver tailor-made products by gathering and contextualizing behavioral data. Over the past nine years, Amodo launched close to 50 different Connected Insurance Products worldwide, with some of the leading companies such as AIG, Porsche Insurance, UNIQA, and many others. Amodo was named by Financial Times as one of the top 5 Insurtech companies globally, is a winner of a prestigious Digital Insurance Agenda Diamond Award in 2020, and has been named by Frost and Sullivan as the Best Practice Leader in the Usage-Based Insurance market in 2021.
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