Datafolio

With the rise of green micro-mobility options, and the growing trend towards pay-per-use and shared mobility, traditional insurance solutions are lagging behind in meeting the new demands of mobility with policies that are vehicle-related, and yearly priced without relation to usage. At Datafolio, we acknowledge the transformation of the mobility landscape and we have built a customized insurance for the users of these alternative modes of transport (bikes, e-scooters, etc.).

Innovation presentation

Datafolio is a French broker specialized in the use of data for mobility risk management, offering a simple and innovative solution: 100% pay-as-you-go insurance based only on kilometers travelled and risk exposure. Thanks to advanced real-time mobility data collection, Datafolio delivers its users a customized insurance pricing based on their personal usage patterns and driving behavior.

The innovative technology behind Datafolio’s solution was conceived by the tech and data team, who developed in-house APIs to collect real-time mobility and a dedicated application. Once gathered, the data is then analyzed by machine learning algorithms, determing the real risk taken by individuals (type of vehicles, driving speed, acceleration), and it directly transmitting a customized insurance price to users.

Datafolio’s insurance solution is distributed either by being embedded into mobility platforms or through the in-house developed application. Users only need to be register, and once they start their trip, Datafolio will automatically recognize the used vehicle and activate the insurance. Coverage stops as soon as the trip ends, enabling the user to save money by only paying for the actual kilometers driven and the actual risk context.

Uniqueness of the project

When defining their pricing, traditional insurance companies typically consider factors such as age, gender, driving history, vehicle, and credit score. In addition, customers are bound to pay their insurance on a fixed monthly/yearly based, regardless of the actual usage of their vehicles. For instance, if a person has a second car, that is used only occasionally, they may have to pay the same price than for its first car, even if usage is extremely rare. Datafolio was born from the belief that traditional insurance, is no longer sustainable as costly, outdated, resulting unfair to many users.

According to this belief, Datafolio built a completely innovative insurance product. The company developed a technology able to collect real-time mobility data to provide users a usage-based pricing, delivered instantly after each trip. Personal information are no longer required, as thanks to data collection, insurance is priced solely based on kilometers driven and driving behaviors. In addition, it is fully embeddable into sharing mobility platform as an opt-in service. Datafolio’s solution reached a 25% penetration rate among users through partnering sharing platforms.