Announcing Pay-As-You-Drive Car Insurance for Small Business Owners

Swedish insurer Moderna, owned by Trygannounced the launch of UBI for small businesses with up to 9 employees. The two insurance programs – called Smart Flex and Enerfy – were developed in collaboration with tech company Greater Than and consist of a hardware installed in the car’s OBD socket and a mobile app.

The OBD reader measures how the driver is driving and through artificial intelligence, the driving method translates into an insurance expense for the current trip. The apps then give a visual overview of how well the driver has driven and how much each drive has cost. The apps also include tips and tools to help the driver improve his driving style and reduce the insurance cost. Other features include automated driving journals, overview of fuel consumption reduction, gamification features, utility reports, and fleet management packages.

“Our digital pay-as-you-go insurance with Greater Than has been highly appreciated by individuals who have improved their driving style, thus significantly reducing their insurance costs. Now, even small businesses can experience the benefits of our digital insurance, while making a good contribution to the environment” – Moderna CEO, Leif Eliasson.

Coverage is best suited for small businesses with cars or light trucks, driving less, driving smart and wanting to control their costs. For those entrepreneurs who prefer a standardized product that is not affected by how to drive, Moderna launched a special traditional motor insurance for small business owners in parallel.

“We want to offer small business owners the best insurance for their needs. Through the cooperation with insurance brokers, Moderna Försäkringar has long been providing motor insurance to large and small business customers. With this launch, we supplement our motor insurance coverage with a small business insurance product that needs a traditional business insurance but who chooses to buy its own motor insurance. We also supplement insurance for small businesses who prefer a pay-as-you-go solution” – Leif Eliasson.