kasko2go and die Bayerische to launch UBI in Germany
Swiss company kasko2go has partnered with general insurer die Bayerische to develop its app-based telematics product for the German market following a successful launch with Dextra Versicherung AG, the subsidiary of die Bayerische, in Switzerland. The product rewards safe, environmentally aware driving with discounts of up to 50% on traditional car insurance. The premium is calculated on the basis of actual mileage and safe driving.
“A unique feature in comparison with existing telematics insurance in Germany is the combination of pay-as-you-drive with pay-how-you-drive. That means that anyone who doesn’t drive their car pays almost nothing. And the customer has fully transparent costs at all times. Premiums are based on the individual driving style. Telemetry and artificial intelligence are then used to evaluate the risk of that driving style. The more responsibly and environmentally the person drives, the lower the insurance premium that they pay.”
“kasko2go is a new addition to our portfolio and gives customers the opportunity to be rewarded for their sustainable driving with attractive rates . Our analysis shows that many consumers are happy to pay for the services they actually use. And because car drivers can now get the best possible protection from us for a fair premium whenever they need it, we are hoping for strong long-term interest in this innovative idea. This is also another step towards turning our vision into reality: we want to help our customers only to pay for the insurance coverage that they actually need.” – Martin Gräfer, CEO of die Bayerische.
“According to the main analysts, the usage-based car insurance market is going to grow by about 24 percent a year until 2027. Market penetration in Germany is currently below 1 percent, so we want to exploit this potential. And with our novel, scalable approach we not only want to make a long-term contribution to making Germany’s roads safer. At a time of increasing environmental awareness, the product also fits the zeitgeist and rewards environmentally conscious driving. People save money, improve road safety and help the environment, making it a sensible, value-added win-win situation for everyone involved.” – Genadi Man, CEO of kasko2go.
