Newly established insurtech startup Miso Solutions has launched the first app-only motor insurance mobile telematics platform on the Thai market with the goal of being the leading provider of end-to-end digital distribution solutions in Thailand and Southeast Asia by offering insurance premiums that reflect each customer's driving behavior. In addition, it is aimed to enhance safer driving, leading to reduce road accidents and fatality rates.
Miso was founded by Chris Venvell and Andrew Shaw with partners Edip Okur and Paradai (Duke) Theerathada, making up a multi-faceted industry team of executives with global and local experience. Miso Solutions leverages Amodo telematics technology to create a new and unique smartphone-based "Usage Based Insurance" (UBI) solution as an end-to-end technology platform and marketing service to drive new business to insurance partners. Miso's business model is Board of Investment approved with its application receiving Office of Insurance Commission approval.
Edip Okur, CEO, Miso Solutions, revealed that, presently, everybody basically pays the same for premiums. However, drivers want to pay for their own behavior and not for the risk of bad drivers on the road. In addition, Thailand is a very digitally focused country with over 70% online transactions via smartphones, yet only 3% of the population conducts online insurance transactions. That's why Miso Solutions has taken the opportunity to offer the only totally digital insurance platform where prices are based on an individual's behavior.
Initially, Miso is partnering with Chubb Samaggi Insurance PCL as its motor insurance partner in Thailand to introduce the Miso platform that includes the exclusive Miso "Qualify to Buy" (QTB) process for profiling suitable customers and generating new business sales of Chubb Samaggi Insurance's motor product. The Miso app is now available for download via the Google Play Store and from the Apple App Store in early December this year.
Okur further explained that to be rated for an insurance offer, the customer simply needs to download the Miso app and drive for Miso to assess driving behavior. Based on the concept of "Pay How You Drive", the Miso app provides customers a "Qualify to Buy" (QTB) process, i.e. 15 trips or 150 kilometers (whichever threshold is reached first), to measure driving behavior; leveraging gamification, driving challenges, and tips for improved driving along the journey. The Miso app tracks driving indicators including accelerating, braking, speeding, cornering, and phone usage. The app tracks the driving distance and time and classifies drivers in a star rating system from one to six stars (six being the gold standard) at the end of the QTB process.
The driving scores/ratings are assessed real-time by Miso who then offer a personalized insurance proposition from Chubb Samaggi Insurance with discounts that are given at the beginning of the motor annual premium depending on the star rating of the QTB process. Savings could be up to 50% from the total premium for the best drivers. The entire consumer experience is facilitated solely on the Miso app users' mobile phone - delivering a truly personalized digital solution.
As Thailand has Asia's highest rate of road fatalities per capita, the Miso platform is expected to build positive driving behaviors which will ultimately contribute to Thailand's well-being by decreasing the country's road accident and fatality rates.
"We want better drivers and we want safer drivers. That's a huge factor for launching Miso: to help people drive more safely by learning how to improve their driving behavior".
Miso plans to expand its platform and product offerings including a white label version in 2022 with line of sight towards strategic international expansion into other Asian countries.