2017 Best FinTech Grand Award
FWD Life Insurance Company (Bermuda) Limited
Description of Entry:
Traditionally, the premium rate of motor insurance can only be calculated by general driving behavior statistics, gender, age, car type and previous claim records. However, driver’s own driving behavior has never been reflected on his/her own premium rate, which is not entirely fair to safe drivers.
FWD has made a breakthrough by introducing the first driving technique assessment app – FWD Drivamatics. It can record each ride in detail and rate the safe-driving quality based on a comprehensive range of factors including smooth acceleration, braking technique, turning technique, concentration and safe speed. On top of the NCD (no claim discount), the motor insurance policyholders will be awarded with cash rebates up to 30% of the total premiums paid for that policy year, based on their driving scores. It truly makes User-Based Insurance (UBI) concept in practice, rewarding safe and careful drivers and ultimately encourage road safety.
Comments from Judging Panel:
Judges find FWD Drivamatics an interesting innovation that brings both commercial benefits and social impact together. On the technology front, it incorporates the many facets of FinTech such as artificial intelligence, big data analytics, and customer portal dashboard. Socially, this solution encourages and rewards safe and responsible driving behavior, benefiting not only the user but the society as well. Judges believe FWD Drivamatics can inspire many other solutions that incorporate FinTech and promotion of positive consumer behavior.
Website of Entry: http://www.fwd.com.hk/