Madrid, 6 February 2013.- Generali and Telefónica today launched "Pago como conduzco" in Spain, a pioneering motor insurance policy that calculates the premium according to driving habits. It is aimed at customers of all kinds, although it especially benefits younger drivers with good driving habits. ‘”Pago como conduzco” offers the potential for customers to benefit from a discount of up to 40% compared to a conventional policy.
This new product from Generali Seguros and Telefónica was unveiled today by Jaime Anchústegui, CEO of Generali España, and Carlos Morales, Global Managing Director for M2M and Cloud Computing at Telefónica Digital, and analyses the behaviour of each customer on a personalised basis, which enables adjustment of the premium based on the way they drive.
The policy is calculated according to a number of factors, including the number of kilometres clocked by the customer per year, whether these were covered by day or at night, in city areas or between cities, whether he or she keeps to speed limits and whether they accelerate or brake too suddenly.
This journey data is collected by a device installed in the car which also features machine to machine technology. The data is processed by the system cumulatively and the driver profile and rating results are sent to Generali, who then adjust the insurance policy accordingly. All the detailed information is only available for the insured, thereby guaranteeing that it is kept private.
On taking out the policy, the premium is worked out according to usual parameters and is adjusted on the basis of the replies given by the insured regarding their driving habits which go to make up their driver profile. The resulting premium is paid through an initial sum of 50% and the remaining 50% by means of 11 monthly instalments. Depending on the actual driving habits of the insured, the premium is adjusted monthly thus giving the customer control over it. The insured will at all times be aware of the premium ceiling for their policy.
Customers can also find out how they are progressing as a driver through either a mobile app (iOS, Android) or a website offering access to in-depth information on journeys made and their driver profile.
"Pago como conduzco” also has the potential to improve road-safety. It provides suggestions based on the driving habits of the insured which could prove useful towards improving their driving. Should assistance be required en route, Generali's help services will be able to operate more swiftly and with greater precision through knowing the exact position of the vehicle. This is especially important in the event of an accident. If the app logs an accident, a special attention protocol is activated and the insured will receive a call to confirm if they need assistance and action taken.
The mobile app also displays the location of their vehicle, which is of great use for drivers who have forgotten where they have parked and, of course, in the event of theft and recovery of it.
Taking out ”Pago como conduzco” insurance
"Pago como conduzco” is now available and can be taken out at any of the branches of Generali agents.
The policy covers private cars, off-road vehicles, people carriers and car-based commercial vehicles and offers insurance policies for third-party, third party plus windows, comprehensive third party, all risk with excess, or all risk without excess.
The M2M data-transmission device is installed in the vehicle within a network of workshops covering the whole of Spain.
An alliance of two leading companies
Generali Seguros has contributed its extensive know-how regarding the insurance industry and more than 1,600 branches, as well as its broad network of agents and brokers, including over 10,000 professionals.
Through Telefónica Digital, Telefónica has contributed its technological expertise featuring a data-transmission based product including the device installed in the vehicles, a totally anonymous and secure cloud-based data management service and the app and website through which customers can consult how they drive. Through Telefónica Seguros, an insurance company in the Telefónica Group, it acts as joint insurer, meaning that this project is split half and half between Generali and Telefónica.
About GENERALI Seguros
Grupo Generali is one of Europe's leading insurers, primarily in the Life market in Europe, with total premium business of nearly 70 billion euros in 2011.
With some 83,000 employees worldwide serving 65 million customers in over 60 countries, the Group is a market leader in the Western European countries with an increasingly substantial presence in the Eastern European and Asian markets.
In Spain Generali closed 2011 with premium business of 2.39 billion euros. The company has over 3 million insured parties and one of the most extensive distribution networks in Spain, featuring in particular its 1,493 agency branches plus 124 own branches and the agent and broker network which takes in more than 10,000 professionals.
Telefónica is one of the largest telecommunications companies in the world in terms of market capitalisation and number of customers. From this outstanding position in the industry, and with its mobile, fixed and broadband businesses as the key drivers of its growth, Telefónica has focused its strategy on becoming a leading company in the digital world.
The company has a significant presence in 25 countries and a customer base that amounts close to 314 million accesses around the world. Telefónica has a strong presence in Spain, Europe and Latin America, where the company focuses an important part of its growth strategy.