Driver Copilot™ enables placement of new and innovative Motor Insurance products on Target Markets.
Driver Copilot™ offers the following features to Insurance companies:
Through “Try before you Buy” Smartphone application, motor insurance policy holders (drivers) get insights on the safety of their driving.
They are informed on the particular elements of their driving that makes them more or less safe drivers, and are informed on the discount they could achieve if they request an insurance premium.
Customer conversion is sought after through an advanced retention mechanisms implemented in Driver Copilot.
With the new set of data that becomes available to the Insurance company, different models of dynamic pricing can be applied to motor insurance products.
Some of the most common ones are PAYD (Pay as you Drive) where the motor insurance policy holders are charged based on the mileage driven, and PHYD (Pay how you drive) where the motor insurance policy holders are charged based on qualitative assessment of their driving skills – thus respective risk group.
Driver Copilot supports best practice dynamic pricing model PHHYD (Pay How and How much you drive) which combines all available information in order to make precise pricing for the client.
With the dynamic information we provide through our system on how, where and when an insured car has been driven, we provide rich set of additional data for enhanced driver risk assessments.
Since claims are by far the biggest cost item in the motor insurance business, our solution puts a special focus in efficient segmentation of profitable motor insurance policy holders from unprofitable motor insurance policy holders.
Through the advanced segmentation of customers based on the next generation risk assessment, insurance company can significantly improve their loss ratio.