Usage based Insurance to revolutionalise the insurance industry.

Staff reporter

Fanset International says its new offering, User Based Insurance (UBI) is set to revolutionalise the local insurance industry as it aims to assist insurance companies to offer dynamic pricing to their customers.

This will be through use of its special technology that analyses driver’s behaviors and giving them a ranking on top of being able to accurately reconstruct accidents on the road giving insurers accurate information that eliminates fake/fraudulent claims.

The soon to be launched initiative will see an offer to analyze driver behavior through braking, acceleration, cornering and driving speed while taking into account other factors such as weather, road types and traffic.

It will also offer an accident notification service that allows prompt notification to the insurance company if an accident occurs, giving them power to assess the vehicle damage immediately.

Fanset chief marketing officer Benson Nyahokwe said UBI also caters for accident reconstruction allowing insurers to reconstruct the accident, through measuring magnitude and parts damaged in the accident.

“It allows the insurers to eliminate fraud in claims as it informs them on all possible parts damaged in the accident allowing them to compare what has been claimed by the insured as compared to what Fanset UBI has reported.

 

“Insurance Portfolio Analysis allows insurers to rank and compare different insurance portfolios. Usage-based car insurance, also known as “pay as you drive” (PAYD), “pay how you drive” (PHYD) and telematics insurance, is when premiums are determined by an individual’s driving habits.

 

“This is being offered in most developed countries and we have an opportunity to disrupt the current insurance market and set ourselves on the path to lead the way in Africa,” he said.

Nyahokwe added that the fact that Fanset International offers a comprehensive set of software, hardware and tools which allow a more accurate determination of the probability of occurrence of the risk or an insured event, this helps insurers reduce the costs in the process of resolving the insured event and provide other advanced telematics services through data collection, aggregation and data analysis.

Insurance companies have seen a decreasing loss ratio up to 2, 5 times, churn rate by 30%, eliminate insurance fraud, and improve operational efficiency among other benefits.

Vehicle Owners will also experience decreased premiums, Safe driving, reduction of claims settlement time as well as improved customer satisfaction.

Fanset International is a wholly-owned Zimbabwean company which has operations in South Africa, Malawi, Rwanda, Uganda and Ghana.