(Image source CAA MyPace web page.)
CAA Insurance Company (Thornhill, Ontario) has selected Octo Telematics to support its CAA MyPace, a pay-as-you-go (PAYG) insurance program offering Ontario’s CAA policyholders a way to pay for, reduce and manage auto insurance premiums if they drive less than 9,000 kilometers per year.
“We wanted to recognize the varied and unique ways that our policyholders drive today and quickly roll out new options that allow them to afford the best type of insurance for their individual needs,” comments Robin Joshua, VP, CAA Insurance. “Working with Octo Telematics was the obvious choice, given their storied history in, and global development of, insurance telematics programs and their ability to direct many different facets of the program. We were confident in their ability to quickly get us up and running, and excited about their breadth of capabilities.”
Octo reports that it has provided a customized solution and flexible mix-and-match service selection for CAA to build a new customer experience for policyholders. Octo says its Surround product powers the program, providing CAA with the ability to provide the customer with vehicle health information and deliver additional value-added policyholder services. The app allows motorists to track how much they are driving and to pay for auto insurance based on that mileage.
“We’ve enjoyed working with CAA and are excited to help them roll out this new program to further service their policyholders and improve their personal auto lines profitability,” comments Nino Tarantino, CEO, Octo North America. “The pay-as-you-go model allows insurers like CAA to more accurately price premiums based on kilometers, and create a new paradigm with policyholders—emphasizing and recognizing each as an individual and building real-time policies that fit around their lifestyle and need, as opposed to traditional insurance that views and prices policyholders in bulk. PAYG also puts the policyholder in control of their premium costs, and incentivizes them to reduce kilometers driven and adopt safer driving habits, thus reducing accidents, traffic congestion and vehicle emissions as well—a win-win for everyone.”