YEET-VTC: Connected motor insurance for ride hailing drivers

25/10/2021 • Diane Le Monnier

Partner: Yeet Assurances

Country: France

Industry: Insurance

Year: 2021

The challenges of connected motor insurance for YEET-VTC

YEET Assurances is an insurance firm dedicated to the creation and implementation of innovative insurance solutions, in particular for groups (professionals, sectors, or even franchises). YEET Assurances, part of a Lyon group created almost 50 years ago, relies in terms of monitoring production and managing policyholder claims, on a workforce of more than 25 employees.

Faced with the increase in the number of ride hailing drivers struggling to find affordable insurance, YEET Assurances wanted to create a new behavior based insurance offer : tailor-made insurance with a score rewarding good drivers. The insurees could enjoy up to a 20% reduction in premium depending on their scores.

This offer will allow users to improve their driving, in particular for the purposes of saving fuel and adopting safer driving. It will also be able to retain drivers through challenges based on safety and eco-driving.

The solution : development of a white label driving analysis application

YEET Assurances therefore naturally partnered with DriveQuant to benefit from a technology capable of proposing behavior based connected insurance product. DriveQuant was able to develop a white label application within a few weeks. It detects the trips made and provides a safety and eco-driving score for each trip.

The solution is very simple: any driver can use the app and take advantage of the challenges organized on the app to improve their driving. He also has the option of requesting a quote directly from the application, managing his claims, seeing the amount of his premium or contacting the Assistance service.

Once the insurance is subscribed, the user receives the YEET-VTC companion (a Bluetooth device also called a beacon) to be placed in the vehicle's glove box. Therefore, all of the user's trips made with their insured vehicle will be recorded automatically. The insurance premium will be adjusted regularly based on the analysis of these trips: if the driver takes little risk while driving, his premium will decrease.

The system, presented to a major ride hailing platforms, immediately gathered its approval and communication on the solution is carried out with 15,000 independent drivers.

The result : a 20% drop on the insurance premium

Monitoring of all the trips

Details for each trip with behavior analysis.

Changes in safety and eco-driving scoresutions des scores de sécurité et d’éco-conduite

According to driving energy efficiency and to three safety criteria : harsh braking and acceleration, risks of adherence loss.

Lower insurance prices

Up to 20% savings on the insurance premium.

Challenges proposed to all drivers

Road risk awareness campaigns in the form of competitions to assess one’s performances and win prizes.

 
Philippe_Decaudin

Philippe DECAUDIN

Co-founder • YEET-Assurances

The DriveQuant teams offered us a technology that perfectly matched the needs of our project. The deployment was structured, with end-to-end support and real availability of the teams. The solution we deployed is now operational and allows us to consider other avenues of innovation in the insurance sector.