Germany-based auto insurer HUK-COBURG has partnered with Cambridge Mobile Telematics to launch a new safe-driving insurance product.
Telematik Plus will replace HUK-COBURG’s existing telematics offering which was only available for young drivers. The new telematics insurance program will be available to drivers of all ages.
There will be a 10 per cent discount on insurance for users of Telematik Plus, but once a policyholder goes to renew, they can save up to 30 per cent depending on their driving style.
When customers enrol in the scheme, they will be sent a sensor which attached to the windshield. This sensor gathers driving data and the DriveWell solution will analyse the data and judge how safely they drive. The driver is also given specific feedback on their driving and updates them on discounts.
In the future, the InsurTech company is hoping to expand its offerings to other value-added services.
HUK-COBURG board of directors’ member Jörg Rheinländer said, “Over the last few years, we’ve built an entire telematics infrastructure, thus laying the groundwork for the product we are now offering to everyone regardless of age. We’ve invested a lot in technology and know-how relating to big data processing. Our new product builds upon the experience we have gained so far.”
Cambridge Mobile Telematics develops IoT, AI and behavioural science solutions which provide insurance firms with behavioural analytics to assess how safely a policyholder drives.
There has been a lot of activity within the auto insurance space this year. Earlier in the year, Nationwide launched a new pay-per-mile auto insurance product which gives infrequent drivers more suitable coverage.
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