Chipin: next generation telematics technology to improve driving behavior
Chipin is a provider of telematics technology and innovative concepts for automotive and insurance companies. The technology is used to measure and analyse driving behaviour for vehicles up to 3,500 kg. The on-board diagnostics (OBD) device is plug & play and can be self-installed by the driver. It provides insurance companies and fleet owners relevant data, more control and moreover, it has a positive impact on the amount of accidents.
How Chipin works
Chipin’s algorithms are capable of accurately scoring a driver’s driving behaviour. By checking their online dashboard or their Chipin app drivers get feedback on their driving style. Think of an overall driving score as well as scores on relevant driving parameters such as speeding, braking and acceleration). The feedback helps drivers to improve their driving performance which in turn results in less accidents, less damage and better fuel efficiency. The information from the OBD also includes each of their journeys including recorded incidents, the current location and the status of their car. In case of an accident the fleet owner or emergency services is immediately and automatically notified. Obviously, all the information can be used by insurance companies and fleet owners to improve risk based pricing, but also to offer extra services like road side assistance and cost control. Chipin is currently active in The Netherlands and Belgium but is planning to expand to other countries in the course of this year.
The Fairzekering showcase
To prove that the technology behind Chipin works flawlessly, the company launched its award winning showcase www.fairzekering.nl in 2014. Fairzekering offers online car insurance with a premium that depends on the driving behaviour of the driver. Safe drivers will get a 35% refund on their premium when their monthly driving score is equal to or higher than 70 (on a scale of 100). Fairzekering is already among the fastest growing car insurance providers in the highly competitive Dutch market. Because of its brand positioning Fairzekering attracts safe drivers and the technology helps people to become even better drivers. As a result Fairzekering has a loss ratio that is significantly lower than the market average. Consequently, its insurance product can be priced very competitively. Fairzekering was awarded most innovative financial company in financial services (2014), most innovative insurance company (2014), best marketing concept in financial services (2014) and disrupter of the year (2015).
Why we selected Chipin for DIA Barcelona
The essence of insurance is solidarity; we all pay for the few that have bad luck. Unfortunately, a negative side effect is that we also pay for those who drive too aggressive and put others in danger. We embrace Chipin’s vision that people who drive responsibly should be rewarded for their behaviour. The Fairzekering showcase clearly demonstrates a significant lower loss ratio and its customers benefit from this by lower premiums. However, we selected Chipin to ‘show and tell’ at DIA Barcelona because its telematics solution aims way beyond more sophisticated underwriting. In our view data from any connected device should be used to empower customers. We believe reciprocity should be a key design principle of any data centric innovation. And this is exactly what Chipin does. It truly empowers customers to become even better drivers and improve road safety. Consequently, it has the potential to disrupt the market for car insurance.
Who is Chipin
Chipin was founded early 2014 by four former insurance executives who strongly believe in data-driven innovation. It is backed by private equity. The company partnered with Risk Technology (UK) to develop the required technology and with Risk Verzekeringen for the operations of Fairzekering. Nationale Nederlanden is the risk carrier for this proposition. Raymond van Es Co- founder and CEO Chipin International
Presenting at DIA Barcelona Raymond van Es, CEO Chipin International BV
Contact info Raymond van Es, CEO Chipin International BV [email protected]