Usage-based insurance (UBI) also known as pay-as-you-drive (PAYD) and pay-how-you-drive (PHYD) is a model of auto insurance where policies depend upon the type of vehicle used, measured against time, distance, behavior, location and additional data. Porsche bank gave their selected customers a chance to acquire a discount on their monthly fee while using PHYD program. The discount and cash back are based on their improved driving skills. In the second phase, this project is expected to become available to all Porsche customers.
In late 2016., Porsche Smart Driver was launched as a pilot program by Porsche Bank on Amodo platform. Next year it was declared as the winner of the “Kurs award” by the International Institute for Research (IIR) in Vienna. Following this success, the program is recently updated with functionalities that are providing more direct value to its users. Based on the number of parameters, drivers can get a monetary value in the form of monthly cash-backs, based on their road safety performance. With this improvement, drivers get a very direct response and an incentive for their driving style.
Smart Driver app is also available on https://www.smartdriver.at/ for all those who want to benefit from their safe drivings. The app is not only reserved for insured users who want to save on their premiums, but also for those who want to test and improve their driving skills. All users of the app have the opportunity to participate in challenges and win prizes provided by program partners: gas stations and restaurants. This makes the program interesting for all drivers in Austria.
Smart Driver app
The app collects data via the OBD device or a GPS sensor of user smartphone to measure speed, acceleration, cornering, and braking while driving. Based on these parameters and scoring, driving behavior is evaluated with Amodo scoring system. Driver receives a detailed evaluation of his driving behavior after every journey. Every smart ride can lead to lower claims and a consequently to a clearer proposition to drivers.
AMODO is one of the most successful European InsurTech firms, and has built a state-of-the-art and market-proven technical platform to connect with new customers and offer personalized insurance products, in a simple and convenient way.