How it works

The pitch

Each month, customers get a rebate - the better your driving score, the more cashback you get.

Quote

• Annual customers choose a fixed price for their annual insurance based on traditional premium factors
  • Annual policies might have an extra clause where we can decide not to insure a customer if their score is very bad after 3, 6, 9 months → and issue refund
  • Educate on driving score range required to not be 'cut'
• Educate customers on how their premium can potentially decrease overtime if they improve their driving score (potentially graph projection or adjustment scale)
• In this concept, there is no option for monthly financing of an annual product

Payment

• Customers pay the full amount upfront
• We store the card details

Weekly Recap

• Show progress of target (or baseline) vs actuals on a graph
  • Positive reinforcement for good driving → small weekly rewards
  • Coaching for bad driving

Monthly adjustment

• Customers who performed better than the minimum score, gets a monthly rebate
  • Customers who got lower than minimum score risk being 'cut' each quarter
• Show total balance - cashback (if any) + new premium amount (if applicable)

Renewal

• customers can choose if they are getting the balance as cashback or use it against as discount for renewal premium. The renewal premium value would be higher (eg. the balance on the account is £100, the cashback value is £100 OR the renewal discount is £120)

Assumptions

• the same as for this concept

Considerations

• the same as for this concept

<aside> 🎉 You made it to the end of this section!

Next up: Concept 2: Driver Wellbeing

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