A new motor insurance technology that captures and processes driving data, thereby calculating the value of car insurance policy, has been launched in Kenya by Heritage Insurance.
Known as Auto Correct, the new motor insurance solution uses the telematics motor insurance solution which functions on driver data and analytics to compute how well or poorly a vehicle is driven.
Auto Correct motor insurance uses a device that may be known as a ‘black box’ to collect and transmit driving behaviour relating to acceleration, braking and cornering. As per the insurance policy, driving behaviour then influences the pricing of insurance premiums.
Heritage Insurance said that all private motor vehicle owners are eligible for Auto Correct.
The insurer added that drivers may potentially get up to 15% cash back on annual paid premiums at the end of their policy period, if they drive safely. They will also accumulate loyalty points, which can be redeemed from time to time at selected service providers.
Auto Correct also comes with a smart phone app that provides, among other things, driving feedback, weekly, monthly and annual scores as well as the accumulation and management of loyalty points. The app also provides information on where and how to redeem the loyalty points.
The solution, launched in Kenya on July 24, is the first in the country, and the second on the continent following South Africa.
According to Heritage Insurance Kenya Managing Director Godfrey Kioi,the customer is at the heart of this game-changing solution.
“Telematics is not limited to the pricing of motor insurance or driver behaviour. Our philosophy is cementing customer-centrism in the industry by engaging the customer and generating rewarding and memorable experiences,” he said.
Heritage Insurance has also provided an Insurance Premium Financing (IPF) payment solution, available on the mobile phone. This is in line with the recent Insurance (Ammendment) Act 2019.
“This value-added service is aimed at reducing the perennial premium collection problem in the insurance industry” added Mr. Kioi.
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