Mobility solutions company Joltee is proposing a completely different view of driver’s insurance that promotes good driving behavior. Better driving earns discounts and privileges, encouraging positive change instead of the traditional negative connotations of accidents and complex insurance claims.
Why punish when you can reward?
After decades of an archaic “You Break, You Pay” philosophy in the insurance industry, the current corporate and public pay-as-you-go models suffer from all kinds of inefficiencies, from unnecessarily complex claiming processes to disproportionately high user premiums. These apply to all kinds of mobility devices, from electric car fleets, to lower-end bikes, scooters and solowheels.
It was here that Swiss insurtech startup Joltee saw an opportunity for change, bringing together several significant partners in insurance and electric utility to provide a fresh start for the industry, building toward sustainable change. Today, Joltee is a comprehensive package providing vehicles, charging and parking networks, insurance coverage and a loyalty program, with a digital token JOLT powering the ecosystem.
Joltee CEO Soundar Adavane believes that his firm’s proposal appeals not only as a profitable prospect, but also as a catalyst for sustainable change that is relevant to modern mobility users. He explained:
“By putting the driver at the center of the model, the system rewards every positive driving behavior. The better you drive, the more you earn. This can either be in the form of discounts on services, better rental rates, wider device options, or even the more driving options you access. People will want to earn, so they will consciously choose to drive better. As a direct consequence, risky behavior is lowered and the number of insurance claims is lowered. Everyone is a winner in this system.”
Joltee was recently at the Hypermotion Fair in Frankfurt, demonstrating their win-win philosophy to participants in the Mobility and Logistics event. They exhibited their system, which monitors and collects data on customer driving behaviors, to be stored on a transparent and secure blockchain-based platform. This data gives insurance firms deep insight into driving behavior, while an AI algorithm determines a fair reward for good driving, care for the vehicle and other community contributions, distributing the reward via JOLT.
JOLTing the driving experience with better rewards
Joltee is working hard with potential partners to work on offering the following possibilities for user interaction with the entire Joltee ecosystem:
- Charge vehicles at electric stations (Izivia),
- Paying electricity bills (EDF),
- Subscribe to insurance services (Generali),
- Upgrade ranks and unlock more luxurious vehicles within a corporate electric fleet.
And because only JOLT would be used to access these services, users will be incentivized to practice good behavior every time they drive. Joltee also encourages higher community engagement and interaction, since JOLT owners can even stake JOLTs against each other in driving challenges, ensuring users are always striving to drive better and more ethically than ever before.
Get involved with Joltee
Joltee is now in negotiations to expand the ecosystem with recognized mobility players such as Lime, Kapten and Voi. The likes of JCDecaux and RCI have also approached Joltee to seek potential partnerships.
With many more developments in the pipeline ahead of the Joltee launch in March 2020, JOLT tokens can be purchased in an ongoing private sale with a 50% discount until 30 January 2020. Following that, a general token sale will take place, with 40% of funds raised going to platform development.
The Joltee presale is managed by Joltee partner Swisscom Blockchain, in collaboration with one of Switzerland’s foremost crypto-specific banks. JOLT is an ERC20 compliant token.
Content retrieved from: https://cointelegraph.com/press-releases/jolting-the-insurance-industry-one-better-driver-at-a-time.