Home Economy Business Green Packet, Hannover Re in telematics collaboration

Green Packet, Hannover Re in telematics collaboration

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PETALING JAYA: Green Packet Bhd and Kuala Lumpur-based regional underwriting centre Hannover Re SE’s Malaysia branch have teamed up for a commercial fleet usage-based insurance (UBI) telematics programme in Malaysia.

Hannover Re is the third largest reinsurer in the world and transacts all lines of property and casualty and life and health reinsurance.

Hannover Re will work with Green Packet on the platform which will use information from telematics data to recommend customised insurance programmes to commercial fleets. This collaboration will further strengthen Green Packet’s smart mobility strategic initiative to improve the safety of road users.

In turn, Green Packet will provide Hannover Re with commercial fleet telemetry technology that collects data and delivers driver behaviour-based score for analysis, provides recommendations for participant improvement, and enables credits toward insurance premiums based on Hannover Re’s underwriting model.

The data collected will be sent to Hannover Re to assess the risk profile of commercial drivers in order to reward safer drivers. The collaboration aims to provide data-driven insights that improve underwriting and overall convenience for consumers.

This collaboration is aligned with the 2017 Bank Negara Malaysia initiative on the Liberalisation of Motor Insurance Business: Rewarding Good Risk Management.

“Businesses prefer customised and personalised solutions. We believe that they will welcome the solution as it will not only help them lower insurance costs but will give them end to end visibility of their drivers’ driving behaviours, thus improving driving behaviour of their fleet drivers,” said Green Packet group managing director Puan Chan Cheong.

“With technology advancements in mobile sensing, Internet of Things and artificial intelligence, it is now possible to develop new risk mitigation methods which will benefit the wider community in addition to providing a more impartial pricing metric for drivers,” added Hannover Re SE Malaysia branch CEO Daniel Gunawan.

The UBI telematics programme is expected to be launched by the second quarter of 2021.