KATSANA alongside Allianz Malaysia Berhad, Etiqa Insurance Berhad and Etiqa Takaful Berhad has reached a mutual understanding to work hand-in-hand to boost the adoption of Usage-Based-Insurance in Malaysia through DriveMark.
Two MoUs were signed on 5 September 2017, at TPC, Kuala Lumpur. The first MoU was signed between Allianz Malaysia Berhad, KATSANA and Axiata Business Services Sdn Bhd. The second MoU was signed between Etiqa Insurance Berhad, Etiqa Takaful Berhad, KATSANA and Axiata Business Services Sdn Bhd. More details on the signing event here.
Driving Usage-Based-Insurance Adoption by Building Trust.
The model KATSANA has introduced into the motor insurance sphere is one that overcomes many barriers and challenges we have seen in the industry. Learning from numerous case studies on rollouts of UBI programs abroad, we identify numerous hurdles that hinders consumer adoption of UBI.
Two major concerns are on building trust and transparency for consumers and the costly UBI programs that needs to be maintained by insurers.
Robust Adoption Strategy Blueprint.
Conventional approach in deploying UBI gives little empowerment to the users, hence users tend to be skeptical in opting for UBI products. As the case that we’ve seen across Europe, United States and other parts of the world, users are not able to share their data from existing insurer to a new one, thus slowing down adoption.
Reforming Usage-based-Insurance Rollout.
KATSANA’s DriveMark is a transparent and progressive approach in UBI where the parties involved envision for a UBI standard across the industry through a shared platform, DriveMark. Users should be able to move freely between participating insurers, and insurers are empowered to create custom UBI products based on data that is truly representative of the region.
By enabling UBI programs through a free app that users can download at any time, with no strings attached, allows for a more immediately scalable reach as opposed to offering telematics devices that users have to pay for upfront without seeing its immediate savings or value.
The Road Ahead, Together.
We are grateful to have Allianz Malaysia Berhad, Etiqa Insurance Berhad and Etiqa Takaful Berhad in this journey together. The three insurers share the same sentiment and realisation as KATSANA, and we hope to begin a transparent and progressive revolution in the industry through DriveMark.
Having Allianz Malaysia Berhad, Etiqa Insurance Berhad and Etiqa Takaful Berhad together in the same platform reinforces our stand in being a vendor-neutral platform, and naturally we welcome the participation of other insurance companies to join DriveMark.