Gamification in insurances: policies tailored to the driving style of policy holders

Posted by Angela Da Cortà on 16-Apr-2019 11:00:00

Gamification for Insurances Banner BlogMore and more insurance companies are beginning to adopt extremely personalized policies based on the driving behaviour of the insured persons, monitored by a black box installed in the car.

In a previous article, we addressed the issue of fleet monitoring for delivery companies, but the study of drivers' driving style is also a matter of interest for the insurance world. More and more users are adpting telematic insurance solutions whose annual payment is based on the actual use of the car. Each vehicle is mapped using a GPS tracker which informs the agency of the customer's driving quality, in addition to monitoring the number of kilometers travelled during the year.

The black box constantly detects the driving and, at the same time, creates a driver profiling, analyzing his driving quality: this process provides points to the customer (whenever he has adopted a safe driving, respecting limits and directions), who will obtain credits that at the end of the year will result in discount percentages applicable to the policy.

The geolocation service also comes into play in case of danger or need: by transmitting the position 24 hours a day, the driver can report to an emergency service a theft, an accident or a malfunction of the car.

So, the agency offers an innovative and technologically advanced service, distinguishing itself from its competitors, and also obtains a clear and detailed view of its customers.

THE ADVANTAGES OF GAMIFICATION APPLIED TO THE INSURANCE WORLD

Through the application of Gamification, insurance agencies can:

  • Have a clear and detailed view of customers' habits, also monitoring the number of kilometres travelled in a pre-established time frame;
  • Offer an innovative service;
  • Encourage the customer, through rankings and scores, to drive consciously and respecting the limits, thus reducing road accidents and Co2 emissions;
  • Attract more customers through support (provided in case of difficulty thanks to geolocation) and discounts.

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CASE STUDY

The well-known Italian insurance company Assicurazioni Generali has introduced a new, complete and totally innovative motor liability policy. Thanks to the satellite device installed in the car, the company provides a service that constantly interacts with the driver offering more security and convenience.

Thanks to the Real Time Coaching service, customers are encouraged to improve their driving style on a daily basis: the black box communicates with the driver through light signals that are activated at every particularly abrupt braking or acceleration.

In addition to monitoring the kilometres travelled, the GPS detector also analyses the types of roads most frequented by the user in order to collect as much data as possible and create an ad hoc policy for each customer.

GPS technology also communicates the position of the car 24 hours a day, which is particularly useful in case of vehicle malfunction or theft. The locator is in fact able to detect the lifting of the vehicle with the engine off and to intervene by communicating the information to the owner, thus activating the location services and emergency response.

In order to encourage its customers to improve their driving style, an app in which the drivers are measured by their own driving skills through the use of gamification has also been developed.

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Each player can see their own progression and how much they needs to reach the next goal, at the achievement of which they will get awards, thus increasing their social reputation. 

Gamification can therefore be a useful tool for insurance policies, benefitting both insurers and insured persons.

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Read also: Gamification for financial services: the new frontier with millennials

Topics: gamification, insurance, driving style

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