Bâloise Assurances Luxembourg S.A. ushers in the era of connected car insurance in the Grand Duchy. The company is innovating in the car insurance market with the launch of GoodDrive, the very first telematics-based car insurance solution, also known as connected car insurance.
The better you drive, the less you pay
The idea is simple. Young drivers – licence holders for less than 8 years – who drive sensibly can make huge savings – up to 30% – on their car insurance.
The key question for an insurance company is how to evaluate the risk represented by young customers, without any no-claims bonus history or much driving experience, who have more accidents than drivers in other age categories.
How? Thanks to Telematics.
Telematics involves measuring the quality of a person’s driving – speed, use of the vehicle, insured risk and driving style – in real time and cutting the cost of insurance for young, sensible drivers. First developed in the USA by the most innovative large insurers and now available in all the major countries with mature digital businesses, telematics therefore means good drivers can save money and stop paying for bad drivers!
The measurements will be made by an app and may be evaluated in the future by a dongle, a small device plugged into the car’s diagnostic port.
GoodDrive also enables young drivers to improve all the time by giving them personalized driving tips, games and challenges that allow them to continually develop their driving skills.
« The key question for an insurance company is how to evaluate the risk represented by young customers, without any no-claims bonus history or much driving experience, who have more accidents than drivers in other age categories. The number of personal injuries is rising all the time (+8% in 2015) and, unfortunately, young people aged 15 to 24 account for more than their share and are all too often involved in serious and fatal collisions », explains Laurent Heiles, Member of the Board of Directors.
Most companies respond with caution, by offering high prices for all. Bâloise, however, has decided to be fair to young people who drive conscientiously and carefully. Thanks to telematics, Bâloise is now in a position to offer young drivers substantial reductions: up to 30% off, but only for those who drive well!
GoodDrive also enables young drivers to improve all the time by giving them personalized driving tips, games and challenges that allow them to continually develop their driving skills. GoodDrive follows on from the experience of Game of Roads 1 and 2, the gaming app that, thanks to promo games and driving tips, has helped more than 10,000 young people become better drivers since 2015, and supported them as they have racked up more than 4 million kilometers. But this time, with GoodDrive, Bâloise is rewarding good drivers with up to 30% off their car insurance.
