Wakam and YEET-Assurances launch a behavioral insurance to promote responsible driving and reduce premiums
8 September 2021
With the increasing number of private hire drivers struggling to find affordable insurance, YEET-Assurances has teamed up with Wakam to create a new behavioral insurance offer, with a score rewarding good drivers. The policyholder could benefit from up to a 20% reduction in premium depending on the quality of their driving. The platform FREENOW is already offering this offer and its application to all its independent drivers in France.
A driving analysis application that encourages virtuous driving
The pay-as-you-go car insurance solution designed by Wakam and YEET-Assurances includes:
- professional liability insurance
- legal protection
- a deductible buy-back guarantee (unprecedented in the private hire sector)
- a very high level of assistance
- a telephone warranty option
The way it works is very simple: once the insurance is taken out, the user receives the YEET-VTC companion (a Bluetooth box) to be placed in the vehicle’s glove compartment and downloads the YEET-VTC application (available on App Store and Android). From then on, all the trips the user makes with his insured vehicle will be automatically recorded. His insurance premium will be adjusted based on the analysis of these trips. If the driver takes few risks at the wheel, he will see his premium decrease.
Any driver can use the application to improve his driving. They can also request a quote directly from the application, manage their claims, view their premium calls or contact the assistance service.
This system allows private hire drivers in France to improve their driving skills in order to save fuel and adopt safer driving habits. It can also build driver loyalty through safety and eco-driving challenges.
To design this technological solution, YEET-Assurances called on DriveQuant, an autotech company, which develops driving data analysis services.
The solution has been acclaimed by the private hire platform FREENOW, which has just offered it to its 15,000 independent drivers. Present in more than 100 cities in Europe, FREENOW is a multimodal mobility platform offering private hires, cab and micro-mobility services (bikes, scooters). In France, FREENOW offers a private hire and electric bike service in Paris, Lyon and Nice.
Allowing a 20% reduction in the insurance premium for policyholders
The solution allows policyholders to vary their insurance premium on a quarterly basis according to the score they obtain. The driving quality measurement takes into account traffic conditions, weather, vehicle type, measures fuel efficiency and is based on three safety criteria: sudden braking and acceleration, speed limits and loss of grip.
This solution launched with Wakam is unique on the market. It allows us to individualize the premiums and thus to offer a fair price in relation to the risk incurred. We believe that it will help limit accidents by encouraging more responsible driving and at the same time lower insurance premiums for private hires, which have already been hit hard by the health crisisPhilippe Decaudin, Co-founder of YEET-Assurances
We are very proud to propose, in collaboration with YEET-Assurances, this insurance solution that is transparent in its pricing and has an impact on safer driving behavior. The application has already been offered to FREENOW drivers, we hope that other players who want to promote responsible driving will be seduced by this solutionFranck Pivert, VP Revenue of Wakam
YEET-Assurances is an insurance broker dedicated to the creation and implementation of innovative insurance solutions, especially for groups (professional, sectoral, or franchise). YEET-Assurances is part of a Lyon-based group created nearly 50 years ago. YEET-Assurances relies on a staff of more than 25 employees to monitor the production and management of policyholders’ claims.
Wakam is an insurance company that creates white-label, tailor-made and embedded insurance solutions for its distributor partners and clients via its high-tech Play & Plug platform. With a foothold in 13 European countries and turnover on current year of €417M in 2020, Wakam is one of the top 20 P&C insurers in France. In 2020, the company was included on the Financial Times “Europe’s Fastest Growing Companies” list, topping all insurers. Strongly committed to its social engagements, Wakam became a Mission-driven company in March 2021.
Eric Allombert, Chief Marketing & Communication Officer – +33 6 89 91 53 73 – firstname.lastname@example.org
Léna Ansari, Communication Lead – +33 6 43 56 95 06 – email@example.com