The introduction of PAYD (Pay-as-you-drive) technology is gaining momentum in global insurance. The possibility of concluding a contract for "smart insurance" is currently becoming one of the main trends in the development of the insurance market in both the United States and Europe, commented insurance experts, quoted by forinsurer.
In Europe, for example, where insurance telematics has long been used as a field of insurance, the PAYD business model allows a significant reduction in Casco car insurance and at the same time simplifies and accelerates the resolution of disputes in the event of an accident, commented insmarket.bg.
According to European experts, the implementation of the PAYD system has an extremely positive impact not only on companies but also on customers themselves, who become more careful and responsible on the road.
Last but not least, thanks to the innovation, the cases of insurance fraud are decreasing.
"Smart insurance" means the provision of discounts on car insurance as a compliment to the accurate and safe driving by the driver, say representatives of the company M2M Telematics. With this type of insurance, both parties win.
The driver receives discounts, comprehensive safety, increased driving discipline and reduced accidents. The benefits for the insurance company are reduced attempts at insurance fraud, simplification in settling insurance cases.
Source: Insmarket.bg.