Tryg AS’s, one of the largest non-life insurance companies in Denmark is known for its personal, immediate, and flexible offerings, which appeal to a target audience the insurance industry has been struggling to attract for years: millennials.
Together with Greater Than, a stand-alone digital UBI offering based on AI risk profiling and pricing was developed, adapted for the target group age 18-30. The digital insurance offer was launched in the summer of 2017.
The new offering is a combination of a fixed price for the car and a bonus/earning program, based on how safe and smart the car is used. By the solution, assessment of driving behavior and price per mileage is reported in real-time, giving the driver the incitement to influence the insurance cost by driving more safe, eco-friendly, and less frequently.
The sales result for the target group 18-30 years increased considerably in the first year. Since summer 2018, TRYG AS opened up the offering for customers over the age of 30. The customer stock is steadily growing ever since.
“Center pillars for us at TRYG is efficiency driving will reduce claims and increase customer satisfaction. The value reached with our digital offering. We are offering all our policyholders to gain a greater influence over their costs, at the same time help to reduce the CO2 emission and accidents on the roads.” – Says Gert Eiberg Jørgensen, Product developer at Tryg.