YU! sold 5k motor insurance policies in one year
YU! is the first ‘pay as you drive’ product on the Polish insurance market. YU! rewards drivers who drive safely. The project has been functioning for 1 year. So for this reason, YU! founders decided to summarise the fintech’s activity and inform about future plans.
190k (53%) of Yanosik users, whose driving style was evaluated as good, have received an offer to buy YU! MTPL insurance. 5k drivers accepted the offer. But YU! founders treat these statistics as a success because the project generates very low costs thanks to automatization and claims settlement outsourcing to the insurance company ERGO Hestia.
The prices of insurance are estimated individually for each person on the basis of his driving style, time of driving, preferred area (city or motorways). If they get more than 6 points for these indicators, they can pay cheaper premiums for MTPL insurance. As YU! statistics show, drivers with telematics MTPL insurance drive more safely, they cause fewer car accidents.
YU! founders mentioned the next step of the project development. They want to launch on the Polish insurance market new MTPL insurance. Its price will depend on the number of kilometres covered.
YU!’s offer was prepared by the Polish insurer ERGO Hestia and technology company Yanosik.