Project Description
To develop a usage-based insurance platform for automotive insurance customers in Europe. The platform will leverage vehicle telematics data to personalize insurance premiums based on individual driving behavior.
This idea combines the usage framework of the platform InnovFast with a “Jobs to Be Done” (JTBD) approach and the “Lean Startup” methodology to solve the problem of adapting to evolving customer preferences and behaviors in the automotive insurance market.
Unique Selling Proposition
The unique selling proposition of the usage-based automotive insurance platform is its ability to leverage vehicle telematics data to personalize insurance premiums based on individual driving behavior. This personalized coverage distinguishes it from traditional automotive insurance policies that offer fixed premiums based on general risk factors.
By offering usage-based insurance, the platform addresses the specific problem of adapting to evolving customer preferences and behaviors in the automotive insurance market. This innovative approach enables the company to provide tailored coverage and better meet the needs and preferences of individual customers.
Problem Statement
The core problem the company aims to solve is the need to adapt to evolving customer preferences and behaviors in the automotive insurance market. Traditional automotive insurance policies offer fixed premiums based on general risk factors, which may not accurately reflect an individual’s driving behavior.
This lack of personalization leads to a mismatch between insurance coverage and customer needs and preferences. Furthermore, the automotive insurance market is highly competitive, and insurers are seeking innovative ways to attract and retain customers.
There is therefore a significant gap in the market for personalized coverage that aligns with individual driving behavior.
Solution Statement
The solution proposed by the company is to develop a usage-based insurance platform for automotive insurance customers. This platform leverages vehicle telematics data to personalize insurance premiums based on driver behavior.
By collecting data on driver behavior, mileage, speed, and braking habits, the platform can accurately assess risks and offer tailored coverage.
This solution addresses the problem of adapting to evolving customer preferences and behaviors by providing personalized coverage that matches the needs and preferences of individual customers.
The feasibility of this solution is supported by the increasing adoption of telematics technology and the availability of advanced technologies such as AI, data science, and blockchain.
The potential impact of this solution is significant, as it enables cost-effective insurance premiums, improved risk assessment, and greater customer satisfaction.
