Porsche and Amodo release Pay How You Drive (PHYD) cashback concept

Back in 2016., the Austrian Porsche Bank, a part of Porsche Holding, and Amodo, an award-winning insurtech company, entered a strategic partnership to launch the innovative "Smart Driver" solution for the Austrian market.

This telematics solution is powered by Amodo's Pay How You Drive (PHYD) technology which enables insurance companies to reward safe drivers by getting valuable insights into their driving performance.

When calculating the final score, the algorithm uses real-time data about parameters such as acceleration, braking, cornering, weather conditions, time of day, and road type. Based on these factors, driving behavior is calculated within the Amodo scoring system. After each journey, the driver receives detailed feedback on his driving behavior.

The program includes functionalities that are providing direct value to its end-users. Based on their driving safety score, drivers can get a monetary value in a form of monthly cashback. Additionally, due to Amodo's engagement mechanics that are implemented within the application, end-users can take part in the monthly and yearly challenges and win valuable prizes.  

The joint expertise and know-how of these two companies resulted in a clearly defined value prop that has been well accepted by the end-users and well recognized by the professional community. In 2017. the "Smart Driver" program won the “Kurs award” given by the International Institute for Research (IIR) in Vienna. 

About Amodo  
Amodo is an award-winning insurtech company. Amodo Connected Insurance Platform enables insurance companies to create and brokers to place hyper-personalized usage-based insurance (UBI) products on the market and in such a way address the ever-growing need of the consumers to be priced in a fairer way. Amodo clients use its platform to gain strategic insights into customers’ profiles, segment them into relevant groups and acquire profitable ones. 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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