Nan Shan General Insurance Co (南山產險) yesterday launched the nation’s first usage-based insurance (UBI) policy in collaboration with Gogoro Inc (睿能創意), with the special policy expected to benefit safe riders.
Unlike traditional vehicle insurance policies, in which premiums are calculated based on the insured’s age, gender and driving record, UBI premiums would be determined by the insured’s behavior on the road.
DRIVING DATA
Photo: Lee Chin-hui, Taipei Times
To be able to offer UBI products, an insurer must be able to collect riders’ driving data and analyze their driving performance, Nan Shan acting chairman Jason Tsai (蔡漢凌) told a news conference in Taipei, adding that Gogoro is a partner that can continuously record data, such as driving speed, distance and riding habits.
In the first stage, Nan Shan would adjust its premiums based on driving distance, with those covering more distance seeing higher premiums than those who ride less.
In the next stage, the company would differentiate premiums based on riders’ behavior and award discounts to those with safe riding behavior, Tsai said.
As Gogoro installs sensors on its scooters, the company would view riders as more dangerous if they brake hard, or turn right or left without signaling, Gogoro chief marketing officer Peng Ming-i (彭明義) said.
“It is not our intention to punish dangerous riders, but to reward safe riders with lower insurance premiums,” Tsai and Peng said.
CONSENT
Gogoro would not deliver a motorist’s data to Nan Shan without their consent, and all data would be delivered via blockchain technology to ease concerns over information security, they said.
Nan Shan has not yet decided when to implement the second stage, as it needs to first build a consumer database and set up analysis models, Tsai said, adding that it would not take long.
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