Intact Insurance launched a new UBI (Usage Based Insurance) program, my Driving Discount, in April. You may have heard about the program or have attended a training session in recent weeks. To help familiarize you with our new offering, this article gives you an overview of all things my Driving Discount.
In A Nutshell
The my Driving Discount is a program which offers customers the chance to save up to 25% off their car insurance premium based on their driving behaviour. This includes a 5% enrollment discount which they receive just for signing up.
HOW DOES IT WORK?
The program is only available to customers through a broker and can be included on quotes through your vendor quoting system and through Savers Plus.
Once enrolled for the program, your customer will receive a small device in the mail. They simply plug this into their car and the device records their driving behaviour including braking, acceleration and time of day they drive.
The reported data is used to calculate a personalized discount of up to 25% off their car insurance premium. Upon completion of the initial assessment period (minimum of 180 days), the earned discount will be applied to their policy at their next renewal.
Customers can view their driving data and monitor their potential discount on a personalized website. Brokers also have access to view their customer’s data to help respond to questions or concerns.
WHAT ARE THE KEY BENEFITS?
• Immediate savings: customers automatically receive a 5% enrolment discount!
• Added control: customers are rewarded savings based on customer’s good driving habits.
• Risk free: customers premium will not increase based on the data collected.
• Access to information: a personalized website showing driving behaviour and discounts.
• Simple: small, easy-to-install device.
For more information in the My Driving program, contact Moller Insurance and speak to a broker today. (905) 642-2745 or 1-800-603-4279
- Can my customer lose out by participating? No, the program is completely risk free and can only benefit the customer. Their premium will not increase based on the data collected and it will not be used to process or deny claims.
- How is the customer’s privacy protected? We are committed to protecting customer privacy, and have placed stringent protocols to ensure personal customer information is safeguarded properly. We will only use and disclose personal information in accordance with the program, unless otherwise required by law.
- Can customers really earn a discount of up to 25%? Yes. Customers can earn a discount of up to 25% off their premium at their next renewal. This discount has been filed with and approved by the Financial Services Commission of Ontario.
Reference: infoQUEST. 01 April 2015. Accessed 06 November 2015.