German insurer ERGO releases ‘safe drive’ telematics insurance proposition
German insurer ERGO has launched its new telematics insurance proposition, Safe Drive, powered by the FloowDrive solution from telematics provider The Floow. The launch marks the first proposition to go live in the market as a result of The Floow’s partnership with Munich Re.
With Safe Drive, ERGO has developed a proposition aimed at young drivers - under the age of 25 - which collects journey data across a number of areas including speed, smooth driving and mobile distraction to gain insights into the driving behaviour of their customers.
During sign up, drivers are provided with an upfront discount of 10 percent on the price of their policy. There is also the opportunity to earn an end of year bonus for good driving and good scores maintained across the lifetime of the policy, encouraging drivers to make positive improvements to their driving behaviour in an attempt to lower insurance costs.
For ERGO, Safe Drive provides them with an opportunity to appeal to a new customer base. ERGO chose FloowDrive due to its ability to be easily customised to meet their specific language requirements.
“We see Safe Drive as an opportunity to widen the appeal of ERGO’s insurance products and provide young drivers with the tools to become safer on the road and lower the price of their insurance premiums in the process,” said Frank Mauelshagen, head of motor private customers at ERGO. “By working closely with The Floow, we have been able to create a proposition which fulfils what we set out to achieve and we are delighted with the outcomes of our partnership.”
David James, chief operating officer at The Floow added: “It’s wonderful to be working with ERGO who see the benefits of telematics and how it can improve the insurance experience for young drivers. We worked closely with them to ensure that we delivered on their requirements for Safe Drive. Thanks to our partnership with Munich Re, we have had the opportunity to work with ERGO and we’re excited to be part of this brand-new proposition within the German auto insurance market.”
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