Wefox Italy has unveiled new products for motor and bike owners, which includes pay as u drive policies powered by artificial intelligence (AI) technology.
The company said that its new third party liability insurance offering has the potential to shake up the motor insurance market and ‘redefine’ current standards.
Wefox Italy CEO Matteo Bevilacqua said: “These exciting new products will be available of course from our insurance intermediaries and through our digital platform.
“Our customers buying these products will enjoy new standards and service thanks to our sophisticated data analysis. wefox is focussed on moving away from the traditional insurance model which is based on ‘repair and replace’, to a new model that is fit for purpose for the way we live today.
“Our model is focussed on ‘predicting and preventing’. We use the latest AI technology and implement algorithms to create pay as you drive policies.”
Furthermore, Wefox announced tie-ups within the automotive industry including IMA Italia Assistance, Swiss Re, and DAS.
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By GlobalDataThe wefox actuarial team has teamed up with Swiss Re to build a risk profile assessment model.
This is aimed at boosting safety of roads on the basis of the ADAS (Advanced Driver Assistance System) set-up.
The partnership with DAS will look after claims and safeguard policyholders’ rights for wefox Italy.
Wefox’s collaboration with IMA Italia Assistance will offer a new car assistance guarantee that integrates multiple insurance services such as car replacement and roadside assistance.
