BetterDrive is a telematics-based motor insurance tariff offered by German insurer CosmosDirekt, that is designed specifically for young drivers up to 28 years of age.
The core of this initiative is the MyDrive smartphone app which records rides using GPS data in addition to gyroscope and accelerometer readings. The app tracks the speed, acceleration, curve and braking behaviour of users before aggregating these results into an individual risk profiling score. This score is measured between 0 and 100 points and is a result of the deviation from the optimum driving mode on the respective road and current traffic conditions. No dongle nor additional hardware is required as MyDrive is designed to operate autonomously.
In principle, the better the individual score, the lower the corresponding premium will be. The premium can be reduced up to 30% through prudent and measured driving.
Although better drive imposes a minimum of 400km travelled across 10 journeys in order to qualify for premium reduction, participants can decide for themselves which journeys they record. The online application process consists of measuring 5 key risk assessments and can be concluded in minutes on a smartphone. Its important to note that the telematics data aggregated by MyDrive and the individuals data are stored separately.The insurer does not have access to the data of the app.
Ultimately, this initiative by CosmosDireckt (a subsidiary of Generali) is designed to compete with similar offerings from Allianz in Germany. Although most auto insurers are working on telematics offerings, the overarching theme of autonomous driving is a constant presence within this space.