Insurance, Insurtech, Startup

10 INNOVATIVE IDEAS ON MAKING MOTOR INSURANCE COOL

Karl Heinz Passler

KHPassler

Car insurance is the most broadly held general protection cover in the United Kingdom (and in other parts of the world), with about 3/4 of all households purchasing it in 2016. Nevertheless, the similarity of these insurance covers prompts competitors starting a price war. This actions result in decreasing customer loyalty and increasing acquisition costs.

How can insurance providers innovate car insurance to make it awesome, attractive and profitable?

#1 Provide instant feedback if the motorist drives well

Driving a vehicle gives close to nothing assuming any, immediate feedback if a driver could improve the situation. Creative innovation makes it conceivable to provides quick feedback, helping drivers to enhance their driving style and urge them to improve the situation.

#2 Point out danger areas if approaching

Much the same as Waze (the notorious cop-spotting application); a mobile app that has been branded by the Insurer continuously informs the driver of the locations that accidents frequently occur. If drivers are approaching these locations, they are cautioned and be aware.

#3 Avoid risky situations by showcasing common accidents

By understanding the frequent causes of road accidents, preventing them and keeping the drivers safe become possible. Presenting a video series with easily followed suggestions branded by an insurer, a policyholder’s involvement in an accident will be reduced.

#4 Text loved ones if the driver is speeding

With state-of-the-art innovations (e.g., smartphones, Internet of Things) it is viable to move towards “push” strategies, with the goal of changing the driving behavior of people through an app (or inherent gadget in the car) that messages parents, spouse or friends.

#5 Hinder drivers from texting if driving

It is illegal to ‘text and drive’ in most states of the United States. This conduct is a primary cause of car collisions. Insurers can provide a mobile app that blocks policyholders from driving and texting at the same time.

#6 Challenge colleagues and relatives on driving safe

Make great driving a challenge to people you care. Risk carriers can provide a branded app that sets up contests for colleagues, loved ones, and friends.

#7 Reward drivers from parents and family if driving safe

Acknowledgment and reward should reach a safe driver from time to time. A gadget can recognize safe driving conduct and foster sincere and honest feedback from real humans.

#8 Appreciate developing driving skills

When it comes to driving, experience behind the wheel is matters more than a person’s age because the first step to averting risks is anticipating hazards. Building such a skill takes a lot of time. Why not count the mileage of the drivers like a car or a plane? “Miles” can be gathered and traded inside a portable application provide by a safety net provider.

#9 Grant free safety training if shown good manner

Driving sheltered and watchful can be rewarded. At the point when drivers are given a free safety feature, they will do even safer.

#10 Reward exemplary drivers with towing service

Insurers can offer drivers the option of trading their accumulated scores (e.g., stored by an application) for a free towing service if there should be an occurrence of an accident or a breakdown. By doing this, a policyholder gets an extra security highlight from his insurance carrier.

In a Nutshell

It takes a great deal of effort innovating car insurance and making it attractive for profitable policyholders. My ten ideas to invigorate and separate car insurance won’t just draw in new clients; however, it will likewise make clients safer, reduce the cost of claims and increase profits.