Kasko2go tackles car insurance with blockchain and AI
In View Summary
Kasko2go, is a mobile application utilising AI and blockchain technology to disrupt car insurance. It is also the first auto insurance application which will accept cryptocurrency payments. Kasko2go has three pillars: R-Telematika (R&D and software development), Kasko2go fraud detection system development by Click-Ins Ltd. (GetMeIns), and R-Stat (sales and business operations).
The application helps tackle high premiums, fraud and expenses related to customer acquisition.
Kasko2go uses a blockchain, which makes its insurance faster, cheaper, safer and ultimately fairer. Firstly it reduces fraud by filing each claim on the blockchain, making double-claiming impossible. Secondly, it uses K2G tokens (utility tokens used for transactions within Kasko2go’s ecosystem) to reduce transaction costs and help in offering lower prices. Finally, smart contracts ensure trustworthy contract conditions and purchase protection.
What sets Kasko2go apart from rest of the applications available on the market is its features such as – dynamic evaluation of driving conditions, accident risk map, and its claim of military-grade digital fraud detection systems.
How it works?
The application is a smartphone-based, comprehensive insurance solution on demand, which analyses its driver customers on the go. The insurance coverage is per minute, kilometer or day, and does not charge the customer when he/she is not driving. The app is free and does not require any additional equipment, with all services accessible online.
Kasko2go features a dynamic evaluation of driving conditions and interactive customer advising
With the use of AI, telematics, and blockchain – Kasko2go provides insurance claims in 30-60 minutes
Kasko2go plans to go from motor insurance on-demand to a comprehensive all-vehicles insurance ecosystem in 2.5 years.
Benefits to customers
Lower rates (up to 50% vs traditional solutions) especially for young drivers and low mileage drivers
Flexibility for drivers sharing cars with family members and friends
Faster accident assistance and support
Benefits to insurers
Better risk management and control
Increased customer engagement and retention
Lower claim losses – up to 30% reduction vs traditional solutions
Improved fraud analysis and detection – up to 55% reduction in claims handling cost
Increased customer satisfaction, retention, and loyalty
The Digital Insurer's View
Simplifying customer experience is a top priority for insurers and ensuring transparency and cheaper insurance go hand-in-hand with this. Blockchain as a technology is proving to be immensely useful in these cases, playing a key role in building and ensuring customer trust.
Kasko2go’s insurance promises to reduce fraud, provide cheaper auto insurance, and process faster claims. The solution showcases an interesting application of the blockchain technology and will act as a potential standard for incumbents to match.
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