Generali Insurance and Telefónica launched "Pay as drive"
- The policy calculates the premium based on driving habits and can save up to 40% per year.
- The product incorporates the insured's vehicle telematics device technology Machine to Machine (M2M) which collects data on journeys made.
Madrid, February 6, 2013. - Generali and Telefónica in Spain launched "Pay as I drive" a pioneering automobile insurance premium calculated based on driving habits. The new policy is aimed at all types of customers, but its price is particularly competitive for young drivers with good driving habits, allowing to benefit from a 40% discount to conventional insurance.
The new product of Generali Insurance and Telefonica, which was presented today by Jaime Anchústegui, CEO of Generali Spain, and Carlos Morales , Director General of Global Unity M2M and Cloud of Telefónica Digital , analyzes the behavior of each customer individually , allowing you to adjust the premium to the driving style.
The calculation of the policy is made based on the number of miles that the client runs a year, whether they are day or night, urban or suburban, if it meets the speed limit or accelerate or brake suddenly. To do this, the product provides the insured vehicle installation of a telematics device, powered Machine to Machine (M2M) that collects data on the journeys made. This data is processed by the system in aggregate and driving profile and the resulting score is sent to Generali that, so you can adjust the insurance premium. All detailed information is available only for the insured, so privacy is guaranteed same.
At the time of the insurance, the premium is calculated based on the usual parameters and adjusted according to the responses provided by the insured on your driving habits and determine its profile as a driver. The resulting premium is payable by a first payment of 50% and the remaining 50% by 11 monthly payments. Based on the actual driving habits of the insured, the monthly premium is regularized so that the client has control over it. The insured always have knowledge of the maximum insurance premium.
The client, also, can always know his evolution as both conductor through a mobile application ( iOS , Android ) as a web page, you have access to detailed information about the routes taken and your driving profile .
The product is, likewise, a significant improvement in security. Depending on the driving habits of the insured offers suggestions that may be useful to improve the way we drive. And in case you need roadside assistance, support services Generali operate more quickly and accurately to know the exact position of the vehicle. This finding is particularly important in case of accident. Should an accident record application activates a special treatment protocol and the insured will receive a call to confirm the need for assistance and intervention.
This application also enables the location of the vehicle, which is useful in case of forgetting where they have parked and, of course, in case of theft recovery thereof.
Recruitment of "Pay as I drive"
"Pay-as I drive" is now available to the public and can be hired at any of the offices of the Generali agent network.
The policy insures cars, SUVs, minivans and commercial vehicles derived from tourism and offers outsourcing arrangements, third most moons, full third, all franchise risk and without excess.
The M2M telematics device installed in the vehicle in a service network covering the whole country.
The alliance of two leading companies
In this pioneering project, the work of Generali Insurance has been to provide its extensive know-how in the insurance industry and its more than 1,600 offices and an extensive network of agents and brokers, with more than 10,000 professionals.
Telefónica, through Telefónica Digital has contributed the most technological, with a product that includes telematics device installed in vehicles, a service cloud management completely anonymous and secure data, and web and mobile application with customers to consult their driving behavior. Through Insurance Telefónica , Telefónica Group's insurance company, works in co-insurance scheme allowing this project to be shared 50% between Generali and Telefónica.