Published on July 18th, 2017 | by Daniel Sherman Fernandez0
Digi’s iFleet welcomes insurers to tap into Usage-Based Insurance Platform and ready customer base
Following Bank Negara’s recent liberalisation of the motor insurance industry, Digi Telecommunications Sdn Bhd (Digi) follows up on its strong push into the connected vehicles IoT business with a ready-to-market Usage-Based Insurance (UBI) platform. This platform is available to all players in the motor insurance industry seeking a first mover advantage to develop and offer customised products to market quickly to leverage opportunies with the de-tariffication of insurance premiums.
Robust UBI testing with comprehensive data analytics
Since 2016, the platform has undergone robust testing with Digi’s own fleet and in a current pilot with select insurers comprising Tune Protect, Pacific Insurance, and a few more notable brands, who are early adopters seeking to disrupt the motor insurance industry. iFleet’s UBI platform records and monitors up to 200+ data points ranging from mileage, speed, acceleration, sudden braking, severe cornering and more, for insurers to craft their risk models. The data generated from UBI has helped these first mover insurance companies to more accurately generate a customisable motor insurance premium based on fleet and individual vehicle performances.
An added benefit is the noticeable change in driver behaviour. Digi saw close to 50% improvement in safer driving habits among its fleet drivers and a notable drop in accidents since using iFleet for its own 150 field force vehicles. Last year, gross written premiums for motor insurance amounted to RM8.17 billion with an overall 66.9% net claims incurred ratio for this segment. Digi hopes that the introduction of UBI, will encourage safer driving habits while reducing insurance claims loss ratios for Insurers.
In Malaysia, connected vehicles and insurance telematics have been identified as two of the fastest growing use cases for IoT that will contribute towards the expected RM9.5 billion GNI by 2020.
For insurers looking for THAT competitive advantage
iFleet’s UBI solution is now available to any insurer looking to leverage a competitive advantage to innovate their product offerings. Interested parties wanting to field test the UBI solution or join iFleet’s insurance panel programme can register their interest at www.ifleet.my/insurance.
The opportunity to be part of an exclusive panel of insurers for the iFleet UBI platform brings distinct advantages. Aside from a completely customisable set of data parameters to set risk criterias and allow for precise premium calculations; the platform also allows access to a ready base of vehicles already plugged into the UBI platform. Immediately, insurers will stand a chance to access an existing fleet of commercial vehicles that are on Digi’s iFleet platform and private vehicle owners when the platform is made available to the public in the coming months.
Savvy Malaysians soon able to plug into iFleet UBI for customised insurance premiums too
Digi will also be launching a connected vehicle solution for all private vehicle owners in Malaysia featuring similar telematics capabilities as iFleet in the later part of 2017. This means you’ll have a device in your car that gathers your driving behaviour and vehicle data, and makes it accessible to a panel of insurers upon your request when your motor insurance is up for renewal. This provides vehicle owners like you with the freedom to choose the best premium available for your car from a competitive panel of insurers that are part of iFleet’s insurance panel programme.
Digi: enabling the wave of UBI products to come
In tandem with the UBI solution, Digi is also working with insurers who are launching their own telematics-based motor insurance products to provide Internet connectivity. This includes powering AXA Affin General Insurance (AAGI)’s newly launched AXA FlexiDrive product.
To be a first mover in telematics insurance, plug into iFleet UBI at www.ifleet.my/insurance.