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Send  Share  RSS  Twitter  12 Oct 2010

INSURANCE: Are You a Safer Driver Than Your Peers?

 





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Do you obey speed limits, avoid late-night driving and stick mainly to short distances outside peak times? Then you’re a good insurance risk and you should be paying lower premiums, according to RenĂ© Otto, CEO of direct short-term insurer MiWay.

“How, when, where and how far you drive has a direct influence on your risk of being involved in an accident,” explains Otto. “When we launched it in 2009, our MiDriveStyle programme promised to deliver individualised premiums based on each customer’s unique driving behaviour. We’ve just reviewed the data for the first year and we’re delighted to say that some of our clients are reaping the rewards.

Some of these success stories have been published on their website at www.miway.co.za/midrivestyle, showcasing at least 4 clients who have reduced their monthly premiums by adopting safer, lower risk driving patterns.

“MiDriveStyle and behaviour-centric solutions are ideal for people in certain categories that have traditionally been seen as high risk. Students and young adults, for example, can now prove that they deserve lower premiums rather than be grouped with their more risky peers.”

“Consumers are more and more informed about how insurance works, and should work,” says Otto. “They’re starting to put pressure on their insurance providers, and we welcome that – transparency and staying open to our customers are very important to us. But it won’t be long before even the more traditional insurers are going to be forced to be more flexible in the way they set their premiums.”

MiWay’s future plans, says Otto, include “strengthening our partnership with the tracking companies that provide the data we use to calculate these premiums. We’re also developing a solution that is device agnostic – in other words, customers won’t have to change their tracking devices to benefit from the MiDriveStyle program. We want to lower the barrier to entry for consumers to adopt this type of insurance and start benefitting from their own safe behaviour.”

 
 
 
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