|
Category:
Insurance News
/
Short Term Insurance
/
MiWay
/ March 2009
Miway To Profile Driver Behaviour
Personal underwriting has come to the motor vehicle insurance sector
with the announcement that leading financial services business,
MiWay, has unveiled in-car installed technology that will profile an
individual drivers' driving behaviour and calculate insurance
premiums based on their driving style.
MiWay CEO, Rene Otto, says this offer - MiDriveStyle - will allow
consumers to determine what premiums they pay, based on how fast
they drive, how often they brake, how long they are in their cars
for, and where they travel.
"Until we unveiled this solution consumers were grouped in actuarial
tables based on their age, sex, the vehicle they drove and other
generic demographics, and the premiums were then calculated and
averaged out."
"This led to many inequities where lower risk drivers were
subsidising higher risk drivers. Nothing about the individual and
the driving style was taken into account."
"Consumers are now back in charge of at least one aspect of their
monthly expenses. And for those people that rely on their vehicles
for their livelihood, this has to be good news, in these rather
challenging times."
"Our business is based on listening and acting on what our clients
want. They wanted car insurance that accurately calculates their
unique risk profile, and provides a monthly premium."
Otto says that as a business they are also able to improve their
efficiencies and offer consumers a good deal.
"This first for consumers will give us a huge advantage in the
market place as drivers realize that we are a viable option,
provided their driving style is within the bounds of acceptable and
law abiding behaviour."
Source: ITInews – Insurance
Times and Investments Online
www.itinews.co.za
 |
