MiWay, has introduced in-car installed technology that will profile an individual drivers' driving behavior and calculate insurance premiums based on their driving style this will allow consumers to determine what premiums they pay, based on how fast they drive, how often they brake, how long they are in their cars for, and where they travel to.
Clients want their insurance to be accurately calculated according to their risk profiles, consumers are offered a good deal. MiWay gains a huge advantage in the market with this idea being a first.
Consumers used to be grouped in actuarial tables based on their age, sex, the vehicle they drove and other generic demographics, and the premiums were then calculated and averaged out, later led to lower risk drivers subsidizing higher risk drivers.
This innovation (MiDriveStyle) also helps consumers manage their monthly expenses better.
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