UK’s £14 billion motor insurance sector is seeing a growing shift towards flexibility and needs-based products driven largely by insurtechs revamping insurance for modern-day consumers. One insurtech paving the way is Cuvva. Using cutting-edge driving behaviour technology, the flexible insurance app has launched Smart Pricing, a feature that helps good drivers save up to a third on their monthly car insurance subscription.
Advancing on from tags and black boxes, Cuvva uses phone sensors and machine learning to provide people with a unique driving score out of 100, factoring in things like braking, cornering, accelerating and phone use while driving.
Freddy Macnamara, CEO at Cuvva said: “Millions of drivers are overcharged by insurers with premiums largely based on factors like job titles and postcodes that have nothing to do with the way you drive. Cuvva wants to give people the chance to prove they’re good drivers and save based on their actual driving, not solely on factors out of their control.”
“We understand bad days behind the wheel are inevitable. That’s why we calculate a premium after 125 miles behind the wheel. The more you drive with Smart Pricing, the more we learn what kind of driver you are and can price you fairly.”
While a driving score helps Cuvva understand driving behaviour, it also helps people understand how they’re doing on the road with a score that updates regularly.
“Companies often collect data for their own use but if people can benefit hugely from seeing and understanding their own journey insights, sharing it with them is the obvious way forward.
“Over time Cuvva plans to offer people a host of insights in the app like coaching and even help drivers understand their environmental impact from the way they drive, offering tips to reduce their own emissions and save on fuel,” says Macnamara.
Drivers get 10% off immediately when signing up to Smart Pricing and there are no joining fees or cost to cancel, anytime. According to Cuvva you don’t have to have a policy to use the insights feature in the app.
“With the adoption of the latest technology, we’ve come a long way from rigid annual contracts and black boxes fitted in one car. Motor insurance is a large industry in the UK with lots of flaws which presents great opportunities for improvement. Cuvva isn’t held back by legacy issues. We get to reimagine insurance, working with a white canvas to build the future of insurance and mobility,” says Macnamara.