bsurance And Amodo Launch PAYG Car Cover

bsurance and Amodo, a connected insurance platform, have come together to provide the automotive industry’s first digital, usage-based solutions – designed to make buying car insurance faster and easier for consumers.

The partnership sees bsurance and Amodo combine expertise to provide consumers with access to car insurance on a pay-as-required basis. Together, they will help businesses to create tailored insurance products, based on customer insights drawn from AI and advanced data analytics,  directly at Point of Sale. These solutions include ‘Pay as You Drive’ – where a premium is calculated based on an individual’s driving behaviour and ‘Pay How You Drive’ -where a premium is based on car usage.

The approach is set to revolutionise buying car insurance by providing the right type of solution when needed, without the associated lengthy application process.

The benefit for insurance providers is also significant. By providing product innovation based on advanced, real-time intelligence, providers can adapt their pricing and premiums in line with the market to ensure they remain as competitive as possible. It is also shown to help reduce customer acquisition costs by at least 25 per cent by speeding up time to market.

The partnership also has the potential to improve existing market intelligence for the automotive industry as it continues to meet the challenge of next generation vehicles. With additional data and new analytic capabilities, automakers can benefit from an enhanced understanding of their customer and refine their approach, including touchpoints and tailored insurance offers, accordingly.

Lorenz Graeff, CEO of bsurance, said: “In a world accustomed to personalised, on-demand services, it’s becoming more important that the traditional insurance model makes way for a much slicker customer experience. Together with Amodo the remit is to accelerate the implementation of data driven car insurance products so consumers can buy the right product, exactly at the point of need.

“The commercial benefits of this approach are huge. The draw of a more customer-centric experience within a captive window ensures higher conversion rates and growth for businesses, while insurance providers are afforded a more cost-efficient process.

“Importantly, this comes at a time of huge change for the automotive industry, as manufacturers seek to achieve sustainable mobility while remaining competitive. It is our hope that the rich data afforded through our partnership may provide an additional source of market intelligence for automakers during this historic transitional period.”  

Marijan Mumdžiev, CEO  at Amodo adds: “Over the last eight years, Amodo has had an important role in enabling insurance companies and car manufacturers to learn more about driving behaviour and the habits of their customers to build a more individual, more affordable product or service. Together with bsurance, we aim to lift the ladder even higher and drive a new age of digital, usage-based car insurance products.”

About alastair walker 12109 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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