It’s understood that younger drivers are involved in more accidents as behind the wheel they’re more likely to take risks and with less driving experience, are less likely to spot potential hazards. This results in excessively high premiums creating barriers to entry for the younger insurable market.
Some facts of this market segment:
- An 18-year-old driver is more than three times as likely to be involved in a crash as a 48 year-old
- One in five new drivers has a crash within six months of passing their test
- Young male drivers have much higher crash rates than young female drivers
- Young male drivers aged 17-20 are seven times more at risk than all male drivers - but between the hours of 2am and 5am their risk is 17 times higher
- Young drivers are over confident, assess risks poorly, drive fast, corner at high speeds and are less likely to belt up along with using technology which distracts them while they drive.
We want to make insurance “fun” for the younger insurable market.
What are your wild and wonderful ideas that would allow the younger drivers to become interactive and engaged in managing their own policies and risks attributed to their insurable group?
How can you create the need for younger drivers to:
- pay their own insurance
- balance risk with value for money
- allow them to have full control of their insurance
- eliminate or reduce the barriers to entry
- make insurance an attractive offering that is affordable.
We are already aware of Telematics and Gamification to assist this process but we believe the crowdsourcing community has the answers and ideas to make this offering the market leader for young drivers.
This contest is open to anyone over the age of 18.
Three prizes will be awarded:
1st prize: $1,000 USD
2nd prize: $600 USD
3rd prize: $400 USD
If a winning idea is duplicated, the entry that was received first will be declared the winner.