Insurance company MiWay has introduced a new solution called MiDriveStyle (MiDS), which it says will change the way consumers' insurance premiums are calculated, accurately reflecting their individual level of risk.
Says MiWay CEO, Rene Otto: “Essentially, this is a piece of technology that's installed in your vehicle, which monitors how you drive, what speed you travel at, how often you brake, and where you drive. The data is automatically sent to a database and the individual premium the driver should be paying is calculated,” says Otto.
Otto believes MiDS will lead to a change in driving behaviour of consumers as they begin to understand how their driving style directly affects their premiums. “Having a bad month now takes on a new meaning as a consumer's premium would increase or decrease depending how and where they drive.” The technology, according to the company, also acts as a tracker and anti-theft device, and will notify the call centre should the vehicle be involved in an accident.
An added service to MiDS users, notes the company, is that consumers can further choose how they receive information about their premium increase or decrease. “Drivers can get regular updates via SMS or they can go online to the MiWay Web site,” says Otto.
“What we are doing is giving our consumers the option and the choice to choose what their car insurance premium should be, by changing their driving habits, and paying the right premium,” concludes Otto.
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