Building a First-to-Market Pay as You Drive Offering
Abstract
It all started with an idea. In a focus group, policyholders stated they wanted more control over how much they pay for insurance.
From that, Matthew Turack, President of CAA Insurance, identified the need to create a program that would allow policyholders to control costs and pay for kilometers driven through a simple reloadable system.
Multiple groups within CAA Insurance worked together to create an innovative structure for the cost and automated billing framework for the CAA MyPace automobile payment plan. CAA Insurance also worked closely with provincial regulators to gain approval for this innovative payment plan offering.
CAA MyPace depends on a carefully integrated exchange of data from the vehicle to a CAA integration platform, and then to Guidewire PolicyCenter and Guidewire BillingCenter.
CAA MyPace is a model of product innovation based on meeting the needs of today’s consumers.
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Insight details
Insurance, >>Property / Casualty Insurance