Motomatics, a comprehensive mileage-based telematics vehicle insurance cover from Britam Holding PLC and AiCareTelematics Ltd., allows users to pay less premiums if they travel less than 10,000 km per year and drive well.
It is the Nairobi Securities Exchange-listed top diversified financial services group. It operates in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
The Nairobi-based Britam has subsidiaries in Kenya, Uganda, South Sudan, Rwanda, Tanzania, Malawi, and Mozambique. Britam Holding Plc, known as Britam Kenya, is the group’s flagship unit.
“Motomatic offers customers flexibility and cost efficiency to access services that align with their lifestyles, especially in the motor insurance space that has seen minimal innovation,” said Britam Group Managing Director and CEO Tom Gitogo.
Motomatics supports our goal of protecting ambitions and aspirations. They added, “We shall continue in our quest to roll out products that speak to the customer while riding on technology as an enabler.”
Read also: Nigerian fintech P2Vest unveils Insurance marketplace
AicareTelematics powers Motomatic cover
Telematics Technology powers the Motomatic cover by collecting and transmitting driving data like speed, mileage, braking, acceleration, and location via an onboard device or a mobile app. A complete formula calculates a driving score using driving data.
Automatic will give drivers a discount for driving less based on their score. Depending on the type and value of the car, the reduction could be as much as 20% off the standard price.
In an accident, customers can get immediate help, review their driving behaviour analytics, make a claim, and keep track of their mileage through a mobile app or an online account.
The 10,000 km mileage cap for the Motomatic cover is based on insights derived from Aicare’s data gathered over time. Once customers reach the maximum distance, they can add an extra 10,000 km through their mobile app or online account.
Evah Kimani, Director of Partnerships and Digital at Britam said, “Our partnership with Aicare to support Motomatic puts Britam at the forefront of providing data-driven solutions that focus on the customer.” In the future, insurance will be charged based on unique information for each customer.
Motomatic is a one-year policy that covers many things, like accidental damage, loss, or destruction of the car covered by the policy. Other benefits include but are not limited to, accidental loss or damage to another person’s property that happens while using the covered car.
Read also: Octamile, Treepz launch “Treepz Care” insurance plan
About AiCareTelematics
Kenya-based AiCare Telematics provides telematics tools to the insurance industry.
The company offer insurance companies a complete ecosystem of software, hardware, and consulting services. Using telematics data, this environment aids insurance firms in cutting costs and raising productivity.
Its usage-based insurance (UBI) offering is called AiCare.A person’s UBI insurance rate is based on how much and safely they drive.
The company aims to transform driving data into actionable insights so that more intelligent, personalised insurance solutions can be developed, encouraging safer and more responsible driving.
In general, AiCare Telematics looks like a business that is using technology to make Kenya’s insurance business better. In addition to encouraging safer driving, they help make insurance more cheap and fair for drivers.