Innovating in insurance: bring fun and fairness back to young drivers with a completely new business model
The insurance industry is not known for its high empathy levels. Products are costly and not very transparent; claiming money is not easy and in general insurance is a hassle. Apply this to younger customers and the excitement levels drop significantly.
Young adults are notoriously bad drivers, sure. But statistics have become so skewed that for an average 20-year-old, it’s more expensive to insure a car than to buy one. Insurance premiums can be up to eight times higher than for ‘older folks.’ Unfair, said our client. But how to beat the statistics, and could telematic technology provide an answer? Collaborating with actuaries, safe-driving campaigners, parents and – of course – young drivers, we managed to crack the case.
Together with a partner, our client is now taking the concept to the next level, in the end offering young customers a fresh new take on insurance. Let’s give the next generation of drivers something that makes driving fun again, rather than a financial burden.
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