Miway to Profile Driver Behaviour for More accurate Premiums
Recent Company News
- Top tips to protect your child's identity
- Stay safe on the roads
- Time is money: Tips to help you use yours well
- Don’t be a statistic: 4 tips to avoid motorcycle hijacking
- Own the open road: Tips for trucking owner-drivers looking to improve their bottom line
- Car hire: read the fine print
- Understanding your blue light rights
- Small business deserves to be a bigger priority
- MiWay’s BusinessAssist service set to promote growth in the SME sector
- The Car Wash Conundrum: How to avoid South Africa’s latest crime trend
- MiWay launches disaster relief fund
Miway To Profile Driver Behaviour
Personal underwriting has made its way to the sector of motor vehicle insurance with the announcement that a leading financial services business, MiWay, has revealed its driver monitoring, in-car technology which is permanently installed, and will profile an individual drivers' driving behaviour as well as calculating the insurance premiums based on the way they drive.
MiWay CEO, Rene Otto, says that this offer - MiDriveStyle - is going to allow consumers to determine what premiums they want to pay, based on how fast their driving is, how often they use their brakes, how long they remain in their cars for, and where they travel to.
"Until we unveiled this solution consumers were grouped in actuarial tables based on their age, sex, the vehicle they drove and other generic demographics, and the premiums were then calculated and averaged out."
"This led to many inequities where lower risk drivers were subsidising higher risk drivers. Nothing about the individual and the driving style was taken into account."
"Consumers are now back in charge of at least one aspect of their monthly expenses. And for those people that rely on their vehicles for their livelihood, this has to be good news, in these rather challenging times."
"Our business is based on listening and acting on what our clients want. They wanted car insurance that accurately calculates their unique risk profile, and provides a monthly premium."
Otto also says that as a business they are also enabled to improve their efficiencies and make a very good deal available to consumers.
"This first for consumers will give us a huge advantage in the market place as drivers realize that we are a viable option, provided their driving style is within the bounds of acceptable and law abiding behaviour."
For a cheap quote on car insurance cover or South African vehicle insurance to suit your needs, check out miway.co.za online.
Date Posted: 2009-03-17
Posted By: MiWay Insurance Limited
Listed under these Business Listing Categories: Financial services,
More Company News
- MiWay launches disaster relief fund
- How to avoid buying a water-damaged car
- What happens when you neglect your home maintenance?
- Tips to improve your safety on the roads
- The fine print: Understanding the rules of the road
- The risks of business ownership
- Cover your assets: Things to consider when buying a car
- Shaping tomorrow's leaders
- MiWay backs a winning team
- New MiWay App feature that no road user should be without
- MiWay sponsors 40th Wally Hayward Marathon
- TREAD collaborates with MiWay on MiWayMTB TV show
- MiWayMTB and TREAD team up to offer MTB skills clinics
- Want to improve your MTB performance?
- MiWay keeps its promises
- What should a biker insure? A motorcycle insurance checklist for your peace of mind.
- MiWay Insurance creates jobs in Bloemfontein
- Customers show their support for MiWay
- MiWay and Tracker SA tie the knot
- Insurance innovation: MiWay fixes premiums for three years
- Car Insurance - Parts used to repair insured cars may not compromise safety!
- Useful tips for finding cheaper car insurance!
- MiWay clients benefit from Europ Assistance SA's highly equipped call centre.
- What to consider when deciding on Car Insurance.
- Home Insurance from MiWay
- MiWay.co.za - A South African Insurance Provider
- Miway to Profile Driver Behaviour for More accurate Premiums
- Insure your Boat with MiWay
Fax 2 Email
Study IT Online
Work from Home