Why every insurance company needs Enerfy Loyalty Program

Customer behavior in car insurance is changing significantly, and insurance companies are facing an increasing demand for digital services and personalized customer offerings. Simultaneously, increased competition from full-coverage insurances and product manufacturers, with a digital lead, enables improved business models that increase customer loyalty. But regardless of this, there are bonuses to be won and cloud services to use to get there. Learn how insurance services firms can increase speed and agility to deliver compelling products and services in addition to their existing offerings.

Putting the customer and insurer relationship first, we launched Enerfy Loyalty this spring. The product offering is entirely powered and based on our seven patented AI predictive risk analytics tools.

Artificial Intelligence has already boosted and developed the fintech sector at large. The turn has come to auto insurance and the new mobility and the growing number of car-sharing services. With our AI, we identify and forecast who will cause claims to what cost – which is the prerequisite for building the required transparent and dynamic pricing models that are needed. With the underlying AI real-time loss ratio prediction, Enerfy Loyalty deploys the possibility to utilize aggregate data per individual user in real-time without interfering with the existing technology or policy. An offering that empowers insurance carriers with entirely new ways to both creating hyper-personalized rewards for the end-user, and at the same time, gain unique predictive insights per every end-user.

The unique combination of the loyalty program and the in-depth AI predictions equips insurers with an invaluable advantage. In the short run, it will take underwriting and insurance pricing to a whole new level – which less progressive and lagging behind counterparts would miss out.

By only using the smooth and easy-to-apply solution Enerfy Loyalty, insurers get equipped to roll out with useful end-user apps while seamlessly transforming into data-driven companies powered to release locked value. On the base of the loyalty program, Insurers can step by step, build their business around data, drive trade across their motor books in a whole new way, and reach out with compelling offerings.

Want to learn more about Loyalty? Business Insider highlights the broader perspective of its usefulness and gains in this article.

August 26th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AIpredictions, connectedcars, EnerfyLoyalty, Insurtech, Riskportfoliotracker

The new dynamics of car insurance is named the end-user

New in-depth insight into existing customers and an extensive loyalty program on top of a current portfolio is a good start for getting ready for the new sharing economy and user-based insurance. But is it that simple?

What sounds like a smooth transition is one of the biggest challenges today’s insurers are facing. Simply put, the math that weighs the cost of potential risks against the value of rewarding good behavior is challenging. Add to that the fear of not being able to recover already lost money at the ever-increasing receivables costs.

Don’t we recognize this? Isn’t what every industry is facing in shifts? Old business models are being replaced. User behavior is in focus. I’m thinking of, in the example, the great transition the whole mobile phone industry went through. Before and after apps.

Car insurance today is based on monthly payment and deductible—cost based on traditional statistics, where the vast majority also pays for the riskiest policyholders. As a result, most policyholders are likely to choose the insurance that covers them the most and costs them the least—the cheapest in short. And with no incentive whatsoever to behave well, drive safer or even to remain loyal as a customer.

But if there were benefits or anything else that allowed one to affect the individual costs personally.

The basis for this is what we call UBI – user-based insurances – Insurance policies that are personalized with perks and benefits. Based on an individual’s usage and behavior with personal treats. This, at no surprise, is also one of the most potent triggers to promote better driving behavior and strong loyalty. We know some about this.

End-users using our UBI solutions improve their driving behavior and dramatically reduce their energy consumption – in less than a month. The number of accidents decreases by up to 50% and fuel consumption by 15-25%. A little more surprisingly, we have also learned that drivers with services like ours continuously increase their safe and energy-efficient driving style on the road—all for the better for the environment, people, and road safety in general.

We also know that just by adding real-time analysis of risk and its insights to an existing portfolio, dramatically changes how risks are perceived and identified within an organization. It’s quite often a door opener to new and updated ways to build new business models.

But what comes first – the hen or the egg? Real game-changers like, in the example of, Spotify, Apple, and Uber, did put the end-user in focus from day one. Which other industries dare to do the same? One thing is for sure; the end-user focus is the next deal-breaker for the game.

Mars 10th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AIpredictions, dynamicpricing, Insurtech