Miway To Profile Driver Behaviour
Personal underwriting has made its way to the sector of motor vehicle insurance with the announcement that a leading financial services business, MiWay, has revealed its driver monitoring, in-car technology which is permanently installed, and will profile an individual drivers' driving behaviour as well as calculating the insurance premiums based on the way they drive.
MiWay CEO, Rene Otto, says that this offer - MiDriveStyle - is going to allow consumers to determine what premiums they want to pay, based on how fast their driving is, how often they use their brakes, how long they remain in their cars for, and where they travel to.
"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 also says that as a business they are also enabled to improve their efficiencies and make a very good deal available to consumers.
"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."
For a cheap quote on car insurance cover or South African vehicle insurance to suit your needs, check out miway.co.za online.
