An essential element of PAYD insurance is that customers must at all times have access to current, clear and understandable communication of the insured vehicle’s use and premium prospects.
Tracking device providers should provide customers with data such as:
- The current position of the vehicle.
- Historic movement of the vehicle.
- Speed transgressions.
- Trips into “no go areas”.
Insurer should provide customers with data such as:
- The impact that the vehicle’s use has on premiums.
- How the vehicle’s use may be modified to reduce premiums.
- Impact of vehicle use on safety of the driver, passengers and other road users.
Data is communicated to customers’ PCs and / or mobile phones.
Ctrack Intelligent Insurance uses simples and easily understood images to communicate with customers:
- Traffic lights alert customers of the behavioural factors which may affect premiums.
- Premium usage is shown using the imagery of a water bowser. Each time the insured vehicle moves water is drained out of the bowser, depending on how the vehicle is driven. Driving at excessive speeds drains water faster than prudent driving. A combination of a bad driving attitude and driving during peak times has an exponential effect on the amount of drainage. When all the water is drained the premium is spent indicating need for adjustments to premiums and / or vehicle usage.