ICEA Lion, an Insurance and Investment Company has launched a new mobile phone app that allows customers to calculate their premiums depending on their driving habits.
The company has partnered with Swiss Re to develop the platform SecuDrive. This platform uses telematics, a system that records and sends certain data to assist in determining how successfully or poorly a vehicle is driven.
The uniqueness of this solution is that drivers can receive coaching through the app to help improve their driving behaviour and the coaching will be done using international benchmarks.
“We expect that SecuDrive will reduce accidents and specifically benefit our customers in terms of premium discounts and rewards on points accumulated out of taking up good driver habits.” Evelyne Musunzar, ICEA Lion Business Development Manager, General Insurance for Retail.
SecuDrive expects the expansion of customer-focused insurance models to continue, with an emphasis on ensuring that insurance costs are determined by an individual’s scores rather than standard pricing.
Depending on their scores, individual drivers may receive up to a 15% discount on their premiums at the end of the policy period. Customers who drive safely will earn points that may be used for a variety of services from a select group of service providers.
How to get SecuDrive
All clients have to do is to download the app on IOS or App Store. They then sign up for ICEA’s auto insurance, and use it while driving. The App then records and transmits data on a driver’s acceleration, braking, cornering, and phone usage, all of which are important factors in determining the driver’s rating.
What SecuDrive will do
According to ICEA’s CEO, apart from reducing accidents Secudrive will also make claims settlements faster.
“It will also mean faster claims settlement for the customer as one is able to report a claim straight from the scene of the accident. It is a critical delivery of our promise to ensure we bring to market sustainable, customer-focused insurance and investments solutions.”