Generali and Telefónica launch M2M-enabled usage-based motor insurance policy in Spain

London, UK. February 6, 2013.- Generali Seguros and Telefónica have launched ‘Pago como conduzco’ in Spain, a motor insurance policy that calculates the premium according to driving habits. It is aimed at customers of all kinds, although it especially benefits younger drivers with good driving habits. ‘Pago como conduzco’ enables customers to benefit from a discount of up to 40% compared to a conventional policy.

This new product from Generali Seguros and Telefónica was unveiled by Jaime Anchústegui, CEO of Generali España, and Carlos Morales, global managing director for M2M and Cloud Computing at Telefónica Digital, and analyses the behaviour of each customer on a personalised basis, which enables adjustment of the premium based on the way they drive.

The policy is calculated according to a number of factors, including the number of kilometres clocked by the customer per year, whether these were covered by day or at night, in city areas or between cities, whether he or she keeps to speed limits and whether they accelerate or brake too suddenly.

This journey data is collected by a machine-to-machine (M2M) device installed in the car. The data is processed cumulatively by the system, and the driver profile and rating results are sent to Generali, who then adjust the insurance policy accordingly. The detailed information is only available for the insured, thereby guaranteeing that it is kept private.

On taking out the policy, the premium is worked out according to usual parameters and is adjusted on the basis of the replies given by the insured regarding their driving habits which go to make up their driver profile. The resulting premium is paid through an initial sum of 50% and the remaining 50% by means of 11 monthly instalments.

Depending on the actual driving habits of the insured, the premium is adjusted monthly, thereby giving the customer control. The insured will at all times be aware of the premium ceiling for their policy.

Customers can also find out how they are progressing as a driver through either a mobile app (iOS or Android) or a website offering access to in-depth information on journeys made and their driver profile.

‘Pago como conduzco’ also has the potential to improve road safety, say its proponents. It provides suggestions based on the driving habits of the insured which could prove useful in improving their driving. Should assistance be required en route, Generali’s help services will be able to operate more swiftly and with greater precision by knowing the exact location of the vehicle. This is especially important in the event of an accident. If the app logs an accident, a special attention protocol is activated and the insured will receive a call to confirm if they need assistance and action taken.

The mobile app can also be used displays the location of their vehicle, if the driver has forgotten where they parked and, of course, in the event of theft for its recovery.

Grupo Generali is one of Europe’s leading insurers. With 83,000 employees worldwide serving 65 million customers in over 60 countries, the Group is a market leader in Western Europe and has a growing presence in Eastern Europe and Asia.

Telefónica is one of the largest telecommunications companies in the world in terms of market capitalisation and number of customers. The company has a significant presence in 25 countries and a customer base that is close to 314 million accesses around the world. Telefónica has a strong presence in Spain, Europe and Latin America.

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