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.

RECENT ARTICLES

Aeris to acquire IoT business from Ericsson

Posted on: December 8, 2022

Ericsson and Aeris Communications, a provider of Internet of Things (IoT) solutions based in San Jose, California, have signed an agreement for the transfer of Ericsson’s IoT Accelerator and Connected Vehicle Cloud businesses.

Read more

Telenor IoT passes milestone of 20mn SIM cards

Posted on: December 8, 2022

Telenor, the global IoT provider and telecom operator, has experienced rapid growth over the last years and ranks among the top 3 IoT operators in Europe and among the top IoT operators in the world. The positive development is due to an accelerated pace of new customers combined with a successful growth of existing customers’

Read more
FEATURED IoT STORIES

The IoT Adoption Boom – Everything You Need to Know

Posted on: September 28, 2022

In an age when we seem to go through technology boom after technology boom, it’s hard to imagine one sticking out. However, IoT adoption, or the Internet of Things adoption, is leading the charge to dominate the next decade’s discussion around business IT. Below, we’ll discuss the current boom, what’s driving it, where it’s going,

Read more

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more