AXA GO UBI (Usage Based Insurance) Qorus Innovation in Insurance Awards 2018

Objective: Connectivity & Data Collection through Product and Connected Device Innovation, measuring driving behavior, promoting/rewarding safe driving Value proposition AXA Sigorta: - Pricing sophistication and better risk assessment - Improved customer acquisition/retention - Usage of collected data to create value both for AXA, Customers and business partners - Decreased claim costs Value proposition for Customer: Personalized driving-behavior based insurance product with disruptive safety features: - Lower premium for good driving behaviour - short-term personalized incentives and/or discounts - Tracking/improving own driving - Ability to track stolen/lost/towed vehicle - Notifications for Crash Prevention - Rapid assistance in case of urgency - Parental control - Third-party driving control Reasons behind: Introduction of Usage Based Insurance in the market through significant product & technology innovation where connectivity, driving-behavior- data collection and big-data-analysis form the core assets to create substantial value proposition for both insurance company and customer alike State of competition: Various initiatives introduced to the market in past years have mostly been marketing/campaign-related actions focused on mileage-based-pricing (pay-as-you-drive) whereas AXA GO is the first and only platform focusing on driving behavior-based-pricing (pay-as-how-you-drive). Sources of inspiration: The rising era of internet-of-things and connected cars Departments involved: Marketing, Sales, Business Development, Underwriting, IT, Operations, Acturarial, Product Development, Procurement, Legal Main results so far: AXA Sigorta's own fleet being first pilot implementation of UBI initiative where all aspects of AXA GO platform have been intensively tested for 12 months. Significant driving behavior improvements observed (30%) at the end of the testing period. Customer pilot next.