13 May 2015
Dutch insurance solutions company, Chipin is celebrating a number of prestigious award wins after partnering with Risk Technology – the vehicle telematics pioneer.
Risk Technology’s crash detection and Cloud based driver behaviour technology, has enabled Chipin to become the first insurance company to offer its drivers the “plug&play” service in the Netherlands, as well as across Belgium and Luxemburg.
Chipin's product, Fairzekering, offers competitively priced insurance via a self-install device which plugs into the dashboard. This enables the driver to view a score based on their driving ability; safe drivers with a good score are rewarded with a ‘cashback’ payment of up to 35% off their monthly premium.
The Accenture Innovation Award was the first to recognise Chipin's achievements in introducing Fairzekering to the market. After presenting its solution to an independent panel of judges in Amsterdam, Chipin beat 160 other entrants to win the prestigious award.
As winners of the Accenture Innovation Award, the Chipin team were given the opportunity to ring the bell which officially opens the Dutch Stock Exchange (link to video).
The Generali AM innovation award was also awarded to the Risk Technology partner this year. Judges were impressed by the innovative nature of Fairzekering as a disruptive technology that has shaken up the insurance industry, as well as the positive messages it projects from the financial sector, whose reputation has suffered in the past few years. . Winners were announced at the Generali annual congress in November, in front of 2,000 attendees.
Chipin is the first company in The Netherlands to integrate vehicle telematics with insurance to create a Usage Based Insurance (UBI) concept. Judges have been impressed with the potential Fairzekering presents to breed a safer driving culture in The Netherlands, by offering an alternative, dynamic pricing structure to the consumer. The concept offers a premium directly linked to how the customer drives, leaving insurers receiving less claims and consumers paying a fairer price for their insurance policy.
To make it a hat trick, the Dutch financial marketing award has also been awarded to Chipin, most markedly due to the potential Fairzekering offers in the future, due to its scalable Cloud based infrastructure.
Chipin’s recent successes are shared with technology manufacturer Risk Technology which worked with the Dutch firm to develop a tailor-made algorithm for Fairzekering, drawing on its vast experience of developing next generation telematics solutions.
Hans Gerritsen, CEO at Chipin, said: “We've all worked extremely hard to build a working product we're proud of with a technical concept than can be used by other insurers and fleet-owners. It's great to see that recognised through this trio of award wins.
“Choosing to develop Fairzekering with Risk Technology was a huge turning point for Chipin. We searched worldwide and, as a result, found the best technology in the automotive telematics arena that the market has to offer.”
“Fairzekering is a huge success story for the Benelux market, rewarding drivers while delivering returns for Chipin”, added Paul Bandell, International Business Director, Risk Technology. “The company is experiencing considerable growth and we’re delighted that our technology has played its part in helping the team to achieve this.”