InsurTech company La Parisienne Assurances and internet of things (IoT) service provider Sigfox have teamed up to create a solution to better gauge the price for car insurance.
They presented the offer at the InsurTech event DIA Insurance Amsterdam. The new solution is a small device that can be installed in cars, motorcycles, electric scooters and other vehicles. Once installed, it will send data about the vehicle’s usage via Sigfox’s 0G network. The data will then be used to better determine how much customers should be charged for their insurance.
The companies are targeting both individual people and companies offering fleet options.
“Usage-based insurance is a revolution that requires relying on data transferred from objects to the blockchain,” said Ludovic Le Moan, CEO and co-founder of Sigfox. “Only 0G can meet the expectations of this transformation through its frugal and global nature.”
Speaking about the new solution, Olivier Jaillon, chief enablement officer of La Parisienne Assurances, said, “This technological partnership opens up new opportunities for us to develop usage-based solutions or products that require automatic claims management. Today we are taking a new step forward by generating our own triggers from the IoT sensors connected to Sigfox, which should open up a potential of several billion euro for the mobility market, in Europe alone.”
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