The world is shifting to a new kind of business model, where customers have changed their purchasing path: they are happier subscribing to the outcomes they want, when they want, rather than purchasing a product with the burden of ownership. Consumers today have a new set of expectations; they want to achieve outcomes, not ownership; customization, not generalization.
FAIR meets such requirements, developing a cloud-based software ecosystem and a proprietary white-label platform to commercialize big data and machine learning based insurance, turning customers into subscribers. This platform enables new insurance products and value added services in the automotive sector, as predictive maintenance. On the other hand, our big data and machine learning analysis allow our customer to improve their driving behaviour, also with strong rewarding model.
This is AIR Srl and in cooperation with the insurance broker FIT2YOU Srl and the multimedia innovation company MAVIGEX Srl, it is planning to become a Managing General Agency (MGA) launching an on-demand insurance service for connected cars. Becoming an MGA, and thanks again to our platform, AIR will be able to grow faster in insurance sector and with competences.
The new insurance policy is revolutionizing the traditional insurance sector with a Pay-Per-Mile (pay only when you drive) and Pay how you drive approach, introducing access to discount/cash back opportunities for drivers, the opportunity of setting-up and managing insurance packages online and via app and accessing new safety and reporting functionalities. The new insurance model will be coupled with a service for car dealers and fleets that will bring advantages in terms of remote monitoring of car health, knowledge of customers’ experience, advertising tailored service.
The new insurance policy is revolutionizing the traditional insurance sector with a Pay-Per-Mile (pay only when you drive) and Pay how you drive approach, introducing access to discount/cash back opportunities for drivers, the opportunity of setting-up and managing insurance packages online and via app and accessing new safety and reporting functionalities. The new insurance model will be coupled with a service for car dealers and fleets that will bring advantages in terms of remote monitoring of car health, knowledge of customers’ experience, advertising tailored service.
The new insurances competitive advantages are:
Analytics to support digital underwriting process through a war room based on driving and crash data
Better pricing and risk selection
Cost claims reduction
Reporting functionalities to government facilities for improving safety
Predictive maintenance
Benefits:
not only a relevant cost reduction (up to 30%) on vehicle maintenance, but also value added services for a better driving life quality related to the ecosystem and in according to drivers’ good behaviors
FAIR project has raised lot of expectancy among the industrial car insurance sector ad subscription economy players as highlighted in the letters of interest signed by Mobile Devices, CDC Arkhinéo, InfoBlu, Car Clinic Srl, Zuora, Deloitte, AXA, Munich RE, My Fleet Solution, New Wheels, SKEMA, Slim Pay, Docusign, Mondora and Studio Pirola. This new proposal has maintained the previous project name and structure and has been ameliorated following all evaluators precious indications.
The project is collecting numerous consents and approvals from the largest and most important companies.
The project has also recently been selected with other 10 companies as a finalist for MEDICITop21 2017 and at BMW Innovation Lab. It won also a prestigious prize at DigitalAward2017, in the Internet of Things and Big Data Analytics sector. On predictive maintenance, Skoda has been really interested: evaluating the RO (return opportunity) for each maintenance service, and has the historical services and issues occurred to a specific vehicle.
Moreover, for internalization program, FAIR will be supported by EIT Digital partner, leading European digital innovation and entrepreneurial education organisation driving Europe’s digital transformation.
