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Amodo: Finding the Right Customer with Behavioral Data

CIO VendorMarijan Mumdziev, CEO
A car stops in front of an elementary school on a September morning. A kid darts out of the car and rushes into the school. Five days pass, and the driver’s mobile blinks. The new message is about an offer, a child accident insurance policy at a discounted price. The insurer did not play any magic trick here while targeting the driver. It was Amodo’s telematics platform that empowered the insurance company with the driver’s location-related information and his personal data. After analyzing behavioral data of the driver, the insurer zeroed in on the driver as the right audience for a child accident insurance policy. Subsequently, the insurance provider planned a communication strategy and created content to address the driver.

Amodo, the San Francisco, CA-based firm’s telematics solution unlocks the power of driver’s behavioral data and paves a path for better customer engagement. “Our platform orients insurers to the right set of customers that eventually leads to reduced loss ratio,” adds Marijan Mumdziev, CEO of Amodo. The Amodo platform collects data directly from cars, smartphones, and telematics devices and its built-in algorithms tap into data points like customers’ location-related information to understand their driving behavior. Based on these datasets, insurers build unique customer profiles.

As the solution allows the insurers to leverage behavioral data as well as risks associated with a customer profile, they can easily run automated marketing campaigns, and reaching customers through media such as SMS, push notification, content within the application, and emails become a simple task.
Eventually, the insurers can quickly introduce new products like short term insurance through multiple mediums like smartphones, telematics devices, internet of things (IoT), and connected cars. Through a white label mobile application, insurance companies segment customers based on their profiles and set behavior-based pricing for its insurance products.

The Amodo platform collects data directly from cars, smartphones, and telematics devices. This behavioral data lays the foundation for creating new insurance products

Amodo recognizes the significance of gamification in user engagement and incorporates features that facilitate game playing so that policyholders can accumulate points, track badges and other rewards, and redeem them to earn discounts on various insurance products. The application updates the policyholders about policy expirations and facilitates direct interaction with the agents.

In case insurers seek to market an insurance product to a new set of customers, the Amodo platform works wonders in these situations. Mumdziev recollects an instance where Amodo’s platform enabled an insurer to monitor the customer behavior and offer insurance products accordingly. Prior to deploying Amodo, the client had no insights about the travel plans of the customers or their destination. Amodo empowered the insurer with key data points like geo-location of the drivers, their commute frequency, and mobility needs. Based on these insights, the insurer could strategize and market their products such as travel and accident insurance to the right set of customers.

Amodo already has worked with customers such as AIG, BNP Paribas Cardif, and Generali. As the role play of behavioral data grows bigger in other businesses besides insurance, Amodo is aiming to trace the curve of exponential growth.