Generali acquires MyDrive Solutions, a leading company in motor insurance technologies
23 July 2015 - 10:42
- Around the English company, Generali launches new Group Hub for telematics and big data
Trieste – The Generali Group announced that it has acquired full control of MyDrive Solutions, an English start-up founded in 2010, among the leading companies in the use of data analytics tools to profile driving styles with the aim of identifying innovative and tailor-made products for the customers and favourable tariffs for low risk drivers.
In line with the new strategy announced during the most recent Investor Day, the acquisition of MyDrive enables the Group to obtain a centre of excellence in data analysis, whose competencies will be further enriched and around which a Hub specialised in telematics solutions and know-how will be launched to serve all segments and business units. The transaction thus enables Generali to enhance its operating platform and to develop innovative, smart products, tailored to the customers' specific needs, benefiting from connectivity and exploiting all the potential of data analytics.
Valter Trevisani, Head of Group Insurance & Reinsurance, said: “The acquisition of MyDrive is an important step in implementing the new Generali Group strategy focused on customer centricity and wide use of new technologies and data analytics tools. MyDrive is a centre of excellence in behavioural profiling: we are developing many projects in the field of telematics and, thanks to these new skills which the Group is now acquiring, we aim to become the best insurance choice for connectivity and innovation. The decision to build on such a young company, moreover demonstrates the Group's willingness to invest in talent and excellence.”
Linden Holliday, CEO of MyDrive Solutions, said: “The MyDrive team is excited and proud to join Generali. As a start-up we have developed world leading expertise in data analytics and software engineering to provide robust granular data profiling of drivers. Now in combination with Generali’s leadership in insurance telematics, we can rapidly bring new levels of innovation, operational efficiency and performance to other areas such as smart homes and health, creating exciting new products".
MyDrive uses the customer data gathered from a series of technological instruments, such as blackboxes or smartphones, to formulate predictive algorithms and to define behavioural scores, i.e. assessments of users’ behaviours, enabling those who choose new products to receive customised commercial offers.
The new, London-based telematics Hub, now specialised in Motor, will expand data analysis activities to a vast series of sectors, from fraud prevention to sophisticated customer segmentation, thereby facilitating the creation of intercompany synergies and the optimisation of the product offering.