Insurance Post’s Post

The global car insurance market is undergoing a digital revolution, with a shift towards personalized premiums based on driving behavior and data collected through telematics and connected car technology. This trend, known as Usage-Based Insurance (UBI), is gaining traction alongside the rise of InsurTech partnerships and AI-powered claims processing, all aimed at creating a more dynamic and data-driven insurance experience for drivers.

Imagine never overpaying for car insurance again. One innovative startup is making this a reality. Flitter, a French insurtech company, is revolutionizing the auto insurance industry with its usage-based model. By leveraging telematics and AI, Flitter tailors premiums to individual driving habits, potentially saving customers up to 50% compared to traditional policies. But Flitter isn't just about savings - it's also focused on error-proofing the insurance process. Their fully digital platform eliminates manual data entry errors and streamlines claims handling, reducing mistakes that can cost both insurers and policyholders. Key achievements Flitter is targeting: • 30,000+ customers acquired in just 18 months • Tripled policyholder base in the last year  • Recently launched connected car offering • Aiming for profitability by end of 2024 As the €150 billion European car insurance market evolves, could usage-based models become the new standard? #Insurtech #MotorInsurance #Innovation #AI #Telematics"

"A tech-driven transformation is reshaping car insurance! AI and telematics now scrutinize driving behaviors in real-time, delivering tailored premiums based on individual conduct. This innovation promises heightened safety, swifter processes, and a paradigm shift in the insurance landscape." #didyouknow #fact #interesting #interestingfacts #callcenter #callcenterjobs #billionaire #ai #cartech #carinsurance #automobile #automobileinsurance #insurance #didyouknow #fusionleads

For most businesses, growth is crucial. Selective growth is a key consideration for vehicle insurance firms. As a result, low-risk drivers are the main focus of most UBI programs when they first launch. Many low-risk drivers understand that they are paying more than they should for their premiums and welcome the opportunity to demonstrate their safe driving practices in a telematics program (and benefit from lowered premiums). The low-risk drivers will gradually migrate to telematics programs, leaving carriers that do not offer telematics programs only the drivers that incur the highest risks. Regulatory mandates generally prevent steep rate increases, so the insurers without telematics programs will not be able to increase charges for the high-risk drivers. As a result, the increase in loss ratio and higher claims will cut into profitability. Those insurers that are relatively early to market with a telematics program gain a distinct advantage and will be well positioned to benefit from increased acquisition of low-risk drivers. Learn more about the opportunities that justify the business case for insurance telematics and/or UBI: https://hubs.la/Q02bFCgr0 #Insurtech #Insurance #Mobility #Telematics #Automotive #insuranceindustry #insuranceclaims

Redefining the car ownership experience 🚗 Our CEO and Co-founder Quentin Colmant wrote a recent article for Finance Derivative on how data-driven embedded insurance is transforming car ownership. Here’s a quick look: Key benefits: ✔️ Seamless integration: insurance fits right into the car-buying process, making it hassle-free. ✔️ Personalised coverage: driving data helps tailor insurance to individual needs, boosting customer satisfaction. ✔️ Operational efficiency: car manufacturers can streamline operations and reduce costs. Examples: 🔹 Tesla: insurance is integrated directly into its ecosystem. 🔹 Mercedes-Benz offers insurance discounts through telematics data. 🔹 Volvo bundles insurance with vehicle subscriptions. Read the full article for more 👇 #EmbeddedInsurance #Insurance #AutomotiveInsurance #AutomotiveInnovation #SustainableMobility #DataDriven

Selective expansion is a crucial factor for businesses that provide auto insurance. As a result, when UBI initiatives first begin, they tend to concentrate mostly on low-risk drivers. Many low-risk drivers understand that they are paying more than they should for their premiums and welcome the opportunity to demonstrate their safe driving practices in a telematics program (and benefit from lowered premiums). The low-risk drivers will gradually migrate to telematics programs, leaving carriers that do not offer telematics programs only the drivers that incur the highest risks. Regulatory mandates generally prevent steep rate increases, so the insurers without telematics programs will not be able to increase charges for the high-risk drivers. As a result, the increase in loss ratio and higher claims will cut into profitability. Those insurers that are relatively early to market with a telematics program gain a distinct advantage and will be well positioned to benefit from increased acquisition of low-risk drivers. Learn more about the opportunities that justify the business case for insurance telematics and/or UBI: https://hubs.la/Q027VsN80 #Insurtech #Insurance #Mobility #Telematics #Automotive #insuranceindustry #insuranceclaims

Save 💰 Telematics apps that help insurers monitor their policyholders’ driving are taking off, and good drivers can benefit from using them. Safe driving often results in lower auto insurance rates 😎 https://smpl.is/8clr6 #savings #telematics #safeDriving #autoinsurance #drivingmonitoring #lowerinsurance #gooddriversave #thebennettgroup

Redefining the car ownership experience 🚗 Our CEO and Co-founder Quentin Colmant wrote a recent article for Finance Derivative on how data-driven embedded insurance is transforming car ownership. Here’s a quick look: Key benefits: ✔️ Seamless integration: insurance fits right into the car-buying process, making it hassle-free. ✔️ Personalised coverage: driving data helps tailor insurance to individual needs, boosting customer satisfaction. ✔️ Operational efficiency: car manufacturers can streamline operations and reduce costs. Examples: 🔹 Tesla: insurance is integrated directly into its ecosystem. 🔹 Mercedes-Benz offers insurance discounts through telematics data. 🔹 Volvo bundles insurance with vehicle subscriptions. Read the full article for more 👇 #EmbeddedInsurance #Insurance #AutomotiveInsurance #AutomotiveInnovation #SustainableMobility #DataDriven

When 'digital transformation' is just a buzzword. I recently had a bumpy ride with #Acko car insurance. Their app? Super sleek and user-friendly. But their on-ground action? A nightmare! Car insurance isn’t just about digital razzle-dazzle. It's about real humans – roadside assistance, technicians, claims handlers, coordinators, customers. And here’s where Acko hits a pothole: their third-party/partner ecosystem in #Bangalore is uncoordinated, unpredictable, and slow. Lessons learned: #Digital #transformation is often just a catchphrase with little on-ground impact. A good app isn't enough! Ask the big question to clients - what's the end goal of digital transformation? #CustomerExperience

Redefining the car ownership experience 🚗 Our CEO and Co-founder Quentin Colmant wrote a recent article for Finance Derivative on how data-driven embedded insurance is transforming car ownership. Here’s a quick look: Key benefits: ✔️ Seamless integration: insurance fits right into the car-buying process, making it hassle-free. ✔️ Personalised coverage: driving data helps tailor insurance to individual needs, boosting customer satisfaction. ✔️ Operational efficiency: car manufacturers can streamline operations and reduce costs. Examples: 🔹 Tesla: insurance is integrated directly into its ecosystem. 🔹 Mercedes-Benz offers insurance discounts through telematics data. 🔹 Volvo bundles insurance with vehicle subscriptions. Read the full article for more 👇 #EmbeddedInsurance #Insurance #AutomotiveInsurance #AutomotiveInnovation #SustainableMobility #DataDriven