Amodo´s mission is to enable new Digital Insurance Ventures in harvesting the value of smartphone channel. We gather behavioral data to help insurers place the right products to the right users at the right time.
Motor insurers have been using telematics primarily to reduce driving risk and automate claims, which reduces the cost side of their business. However, to maximize the ROI of a telematics-based proposition, insurers should go beyond claim automation and risk prediction and turn their telematics apps into a powerful marketing machine.
Converting users into insurance customers?
If you look to learn more about your smartphone telematics app users, driving behavior data needs to be combined with other aspects of behavior such as engagement with the app, participation in challenges and contests, commuting patterns, as well as purchase behavior when available.
If implemented correctly, analysis of different behavioral variables and making sense of these patterns lays the ground for powerful predicting capabilities.
Amodo technology support clients to use the collected data for segmentation and estimation of purchase probability among others. Behavior data should also be used as a basis for communication and engagement tactics. These are powerful tools for changing behavior and reducing risk through prevention.
However, the effects of such campaigns can also be of a short-term nature. Which is why it must be combined with long-term incentives such as policy discounts. Based on the analyzed data, insurers typically have around 6 months to turn new app users into more loyal users and potential policy buyers.
Providing both short-term and long-term value is the key to keeping users. Users need to perceive they get value from using the app, or they will lose motivation to participate. Consistency in implementation of targeted marketing actions and providing clear value to users has led, in some cases, to the increase in conversion rate by up to 100% within less than two years.
Amodo platform enables insurers to develop a new category of products based on behavior and usage data. The Platform collects data from smartphones and other connected devices in order to build holistic customer profiles, providing better insights into customer risk and customer products needs. Amodo technology and methodology is approved by insurers around the world.