Allstate Canada recently launched a usage-based insurance program called 'Drivewise' in Alberta. In recent years, usage-based insurance has become extremely popular among millennials due to the generation's love of technology and personalized pricing. Now Allstate Canada is offering its own form of usage-based auto insurance in an effort to attract younger drivers.
Drivewise is a usage-based insurance program that can be purchased for private passenger vehicles in Alberta. The program is designed to give driver's more control over their rates by offering discounts for those who exhibit safe driving habits. All of this is determined by a wireless telematics device, which is installed in the vehicle in order to capture data about how the car is driver.
The new program is primarily designed to appeal to millennials who gravitate towards custom pricing plans that are influenced by technology. As President and CEO of Allstate Insurance of Canada Ryan Michel explains, "Drivewise is a personalized program for the modern driver that allows users to monitor their driving habits through our online portal and could help them learn to adopt safer practices behind the wheel."
Usage-Based Insurance Plans
'Drivewise' is a Usage-Based Insurance Program Available to Albertans
Trend Themes
1. Usage-based Auto Insurance - The rise of usage-based insurance is an opportunity for insurance companies to attract younger drivers and offer custom pricing plans.
2. Telematics and Data Collection - The use of telematics devices and data collection provides an opportunity for insurance companies to gather information about driving habits and personalize policies for individual drivers.
3. Personalized Pricing Plans - The popularity of personalized pricing plans among millennials creates an opportunity for insurance companies to offer individualized plans and attract a younger customer base.
Industry Implications
1. Insurance - The usage-based insurance trend presents a disruptive innovation opportunity for insurance companies to create customized pricing plans and attract younger customers.
2. Technology - Telematics devices and data collection create an opportunity for technology companies to develop new solutions that can be implemented in the usage-based insurance industry.
3. Automotive - The usage-based insurance trend creates an opportunity for automotive companies to partner with insurance providers and integrate telematics devices into their vehicles.