Disrupting Car Insurance – Drivies App Makes Driving More Fun, and Insurance Fairer
By Laura García García
Chief Technical Officer and Co-Founder, Drivies
Jesús Bernat
Chief Product Officer and Co-Founder, Drivies
Dr José Luis Blanco
Chief Data Officer and Co-Founder, Drivies
Emerging Usage-based Insurance
Digitalization, big data, the sharing economy, and connected and self-driving cars are all testaments of an ongoing revolution that will change traditional ways of doing things, and impact in particular the insurance market – from risk estimation, tariff assessment, and insurance distribution to customer engagement.
The wide adoption of the smartphone in our daily lives has converted devices into behavioural proxies, which, combined with big data technologies, provide significant improvement in ways to estimate risks for car insurance, and enriching socio-demographic-based tariffs with driving data. This is not new but the telematics black box has become a roadblock to mass market adoption.
Drivies: A New Approach to Usage-based Car Insurance
Following a Telefónica intrapreneurial initiative, the authors created Drivies. Drivies estimates driver risk by assessing each user’s actual driving patterns, and then offers fairer car insurance prices through a prepurchase scoring model. The app leverages gamification techniques including competition theory, comparison among users, and social networking interactions. By providing detailed information of the user’s driving activities ...
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