Digital Insurance Agenda

Drivies, the easy way to save while driving safe

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 19, 2017

Drivies, the successful spin off of Telematica, created the Drivies app which uses artificial intelligence (AI). With this app users can track their driving behavior, compete with friends and earn insurance discounts by driving responsibly. Drivies encourages good driving habits and road safety, while it combines gamification with monitoring technology.

The startup wants to disrupt car insurance by leveraging customer access to drive sales and by using proprietary data to improve risk selection. The startup strongly believes app-telematics have the potential to address up to 30% of drivers. Competition among car insurers and the entrance of aggregators have led to commoditization. Getting “good customers”, loyal and not prone to accidents, is hard. Not only because of low differentiation but also because all insurers use the same information to estimate risk. As a result, differentiation is achieved in distribution and branding and not in product, coverages or risk prediction cq pricing. End customers are bombarded with insurance offers with a common claim: “the lowest price” and do not know whom to turn to in a purchase process that is complex and not transparent in pricing.

The Drivies app was created two years ago in response to a call for Telefonica employees to develop innovative new business ideas. The startup collaborated with 2 different insurance groups, Generali, and Helvetia, in creating white-branded apps. This has been pivotal to creating risk scoring algorithms as they got access to insurance-side data. To validate their commercial model, Drivies work with insurance brokers, like Proyectos y Seguros, one of the largest online/phone brokers in Spain.

Value proposition
Drivies’ value proposition rests upon their ability to measure driving and evolves over the user’s lifetime.  Users come out of curiosity for the driving help radar-detector. They stay because of the rewards and finally they recommend Drivies because of the social and gamification components. The algorithm leverages the app data to improve risk prediction.

  • The 20% riskiest drivers as identified by Drivies algorithm represented 1.5x more costs than the 20% riskiest drivers as identified with traditional models
  • The 20% safest drivers as identified by Drivies algorithm represented 3.7x less costs than the 20% safest drivers as identified with traditional models

Data asymmetry is the key to capture the value created by this data; Drivies uses good risk selection in order to reduce claim costs: 
• via an exclusivity model with an insurance partner
• via delegated or direct underwriting

Why we selected Drivies for DIA Munich
We selected Drivies to DIA Munich because Drivies is an innovator and disruptor, revamping the concept of insurance relationships by offering discounts to lowest risk-drivers. Drivies technology offers insurance companies an unprecedented opportunity to increase loyalty while reducing costs in an ever-changing environment.

With Drivies, Telefónica advances its goal of placing technology and innovation within reach of everyone to improve better quality of life and positive societal development.

Who is Drivies?
The Drivies project was born as and R&D project in Telefonica, one of the largest Telecommunications companies in the world. Telefonica incubated the initiative for over 2 years, investing over €4m in developing the technology and launching the product.

In June 2017 Drivies became a standalone company, after a Management Buy-Out from Telefónica and securing a seed round of €500k from management, friends, and family. The company is led by Sancho Atienza Arechabala, CEO & Co-founder.


Sancho Atienza Arechabala, CEO & Co-founder

Website: www.driviesapp.com

Presenter 1: Sancho Atienza Arechabala
Presenter 2: Laura García García 

Contact info: Laura García García
Email: [email protected]
Telephone: +34 660728774

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