Cuvva, insurance at a given moment!
Based in Edinburgh, the Cuvva application is a temporary insurance solution that lets you drive a friend’s car and be insured. This app is useful and ideal for people seeking to share driving responsibilities, for instance designated drivers in situations of alcohol consumption, and the drivers of a family car. Instead of relying on the insurance of the driver, who usually only has 24 hours’ cover and who has a lot of paperwork to deal with, this platform lets you drive anyone’s car with more peace of mind.
The application lets users take out a short-term policy, even hourly, through a simple process.
From the mobile app you can complete a quick and totally paperless registration (you just send a selfie and a photo of the driving licence). To get a quote, you have to enter the vehicle’s registration number and its estimated market value. Then you just choose a length of time (from 1 hour to 1 day) and take a photo of the car to complete the process.
According to research firm Roland Berger, 70% of cars will be connected to the network by 2020. Judging by the eulogistic coverage at the last World Motor Show and the CES, there is no question that this trend of connected cars will be confirmed. All sectors are concerned (connected objects): the home, the car and health, but also indirectly the insurers or industrialists are being led to make changes in their core business. The talk is of UBI ‘usage based insurance’ or ‘Pay how you drive’ with the rapid development of connected objects!
However, UBI only concerns the vehicle as such, not the user at a given point in time, and in an ultra-connected and collaborative world in which sharing one’s vehicle has become commonplace the model is inadequate!
Why not stimulate customer engagement at each moment of life rather than making do with an annual contact when the contract is renewed. The Cuvva application lets customers adapt their insurance cover to their immediate circumstance while encouraging responsible behaviour, such as driving in stead of someone not in a fit state to drive!
Insurance is becoming ambient.