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BNP Paribas and Amodo partnership explores shareable economy insurance

In Action Summary

BNP Paribas and Amodo are continuing their ongoing partnership to evolve traditional insurance products from pure coverage to preventative, customer-oriented, data-focused and technology-driven solutions.

Their first joint project was a mobile protection app called ‘Safe Ride & Drive’, which was targeted at distracted drivers in Italy. The target segment was the mobile-savvy, but traditionally unruly young driver – under 24 years. The platform provided these young drivers and their parents access to a set of support services like geo-location of the car, avoid text/calls while driving and for the sharing of driving behavior and drivers related alerts.

A prototype called ‘shareable mobility profile’ has been developed which captures driving data and provides driving scores by assessing performance

The next phase is in developing insurance in the carpooling/ridesharing economy. A prototype called ‘Shareable Mobility Profile’ has been developed to capture driving data and provide driving scores by assessing performance. The purpose is to provide peace of mind to the operators and provide customised driver benefits through on-demand coverage via the mobile app.

Although Amodo has been collaborating with insurers and non-insurers to develop and disrupt the motor insurance segment, the traditional motor insurance segment is under pressure from the rise of autonomous vehicles and non-insurance entities like Tesla entering the insurance market with innovative products.

Although 2018 will be an exciting year for autonomous driving prototypes; insurers, InsurTechs and non-insurers are all competing for a stake in the connected mobility space.

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