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VW connected mobility: P&V Assurance partners with D’Ieteren and Amodo

In View Summary

P&V Assurance has partnered with Amodo (a connected mobility platform provider) and D’Ieteren (a car dealership based in Belgium) to launch a ‘connected mobility’ platform for Volkswagen Group cars (D’leteren 70-year old relationship).

The program is being distributed through WeChat and offers pay how you drive usage-based insurance with additional benefits for demonstrably safe drivers. This joint P&V/Amodo platform relies on on-board diagnostic technology and uses an advanced array of smartphone sensors to determine driving behaviours, which are then used to inform the Pay-How-You-Drive (PHYD) insurance.

The program runs under WeCover brand offers car insurance based on driving behaviour from P&V Group

Marijan Mumdziev, CEO of Amodo has said: “Among different go to market models that Amodo’s platform supports, this is the second one where a car distributor has taken the lead, and the insurance company follows to provide usage-based insurance products with the technology’s capability. This partnership will enable P&V to deliver new features that will help their customers become more engaged and realise the full spectrum of opportunities that our platform has to offer; it will also enable Amodo to develop its mobility platform tailored for the insurance industry.

Reported Benefits

Benefits to customers

  1. Improved accessibility through WeChat
  2. Enhanced product coverage
  3. Real-time coverage and more accurate pricing

Benefits to insurers

  1. Increased customer engagement
  2. Product and service innovation
  3. Improved customer retention
  4. Low operational costs
  5. Reduced turnaround time
  6. Transparency
  7. Real-time

The Digital Insurer's View

The auto insurance industry is being disrupted by increased interest in autonomous vehicles and changing consumer expectations. For auto insurers, this is now a matter of survival and with non-traditional players like Tesla entering the insurance market, property insurers will soon be in the firing line. Partnerships such as this one between P&V, D´Ieteren and Amodo are one of the ways for traditional insurers to explore areas they do not have expertise in, and as telematics technology is still developing, there is still significant scope to explore and innovate.

References

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