Smartphone-based Telematics
The key enabler of customer centricity
The customer centricity in both independent and Amodo’s surveys are in high demand today. Market inputs outline a few things customers value the most when purchasing insurance products. According to Simon-Kucher & Partners, 93% of customers would like to purchase multiple insurance policies from one insurer, while only 17% said they had most of their policies with one insurer. On the other side, according to Accenture, 81% of insurance customers expect personalized products and services.
Results gathered from the extensive research of the European market conducted by Amodo and MindTake show that the insurance customers value two factors above all – affordability and, in recent years, more and more increasingly, convenience. To be precise, 62% choose price as the main criterion when buying the insurance product, while 56% of them prefer to be served through digital channels, with the smartphone being the most common and the most convenient one.
An average customer of a car insurance policy spends only a fraction of their time (3.3%) driving the car. If we can learn so much about the customers driving profile, what can we learn when they do all of their other activities throughout the day?
Being relentlessly focused on the smartphone-based solution, Amodo mastered data analytics based on the data from all smartphone sensors. And this is the device we always have in our pockets or hands. Suddenly, we are capable of gaining insights into customer behavior during more than 96% of their time.
We know if the customer is commuting by bike, driving, or using public transportation. We see if they have a dog or like to hike. Do their work from home, travel abroad, have healthy living habits, etc.
By gathering, enriching, and contextualizing behavioral data from each segment of customers' day-to-day life, Amodo Connected Insurance Platform provides a holistic picture of customer behavior and habits, enabling insurance companies to offer personalized insurance policies that match their individual needs. At the same time, a particular personal risk propensity is calculated.
In that way, Amodo smartphone-based telematics technology is the key enabler of customer centricity. Going beyond motor and pricing, Amodo is setting the new telematics insurance standards. Are you interested in finding out more about Amodo's live use cases? Fill out the form and get in touch with us shortly.
*Article was written based on inputs from thought leadership session at DIA Amsterdam on topics "Telematics beyond motor insurance" held by Marijan Mumdziev, CEO of Amodo.
About Amodo
Amodo is an award-winning insurtech company. Amodo Connected Insurance Platform enables insurance companies to create and brokers to place hyper-personalized usage-based insurance (UBI) products on the market. Amodo clients use its platform to gain strategic insights into customers' profiles, segment them into relevant groups and acquire profitable ones. Over the past nine years, this European insurtech launched close to 50 Connected Insurance projects worldwide with some of the leading companies such as AIG, Porsche Insurance, UNIQA, and many others. Amodo was named by Financial Times as one of the top 5 Insurtech companies globally, is a winner of a prestigious Digital Insurance Agenda Diamond Award in 2020, and has been named by Frost and Sullivan as the Best Practice Leader in the Usage-Based Insurance market in 2021.
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