Mexico City based insurance aggregator, Caribu, partners with global telematics provider, The Floow, to launch brand new insurance platform, MyCaribu, the first telematics-based comparative rate engine in the country, designed to help younger drivers build safe driving habits.
In 2019, there were 362,586 car accidents in Mexico’s capital, Mexico City, according to INEGI, with the main causes of accidents reported as fatigue, speeding and cell phone use when driving. Designed to reduce these accident numbers, MyCaribu, powered by The Floow’s FloowKit mobile SDK solution, is the first platform in the country to reward users for being safe on the roads.
MyCaribu records the trips of its app users and scores them against a number of key factors including cell phone use, speed, time of day, fatigue and smoothness of driving. These scores, along with in-app feedback, provide drivers with an understanding of their behavior behind the wheel helping them make improvements and become safer drivers, which should also positively impact road safety in Mexico.
As consumer behaviors change in relation to insurance in Mexico, MyCaribu aims to push the insurance buying process into a new era through the integration of new technologies, such as telematics, into these products. By taking into account driving behavior, MyCaribu also allows drivers to create a more personalized insurance experience, while the best drivers have the opportunity to be rewarded for good and safe driving practices.
MyCaribu works with the top ten insurers in the country including Chubb, HDI, Qualitas, ANA Insurance and others, to ensure app users benefit from excellent insurance coverage and service.
Rafael Rebollar, General Manager of MyCaribu, said:
“Our challenge is to have happy, satisfied and safe users, in addition to being able to counteract the nearly one thousand vehicle accidents that occur daily in Mexico. MyCaribu has clear objectives to ensure that users who download the app become better drivers, receive incredible rewards for every trip where they drive safely, and also acquire their car insurance more easily, thus improving the experience of purchase.
By working closely with The Floow over the last few months, we have been able to utilize their telematics technology, through their FloowKit solution, to create a proposition which fulfills what we set out to achieve and we are delighted with the outcomes of our partnership.”
Danny Maco, Senior Vice President – America at The Floow, said:
“Making mobility smarter and safer is core to our mission at The Floow. We are honored to be working with the innovative team at MyCaribu to help achieve this common objective.
Reaching new drivers as they begin developing their driving skills is one of the most important aspects of what we do. It is the perfect time to help them learn safe driving habits that will protect them for the rest of their lives. MyCaribu is passionate about reaching these drivers.
Our collaborative partnership with MyCaribu has been a great introduction to the Mexican market and we are excited to launch our first program in this country alongside them.”
The MyCaribu program was launched at an event at Autocinema Coyote (Drive-in Cinema) in Mexico on 2nd September to an audience of insurance executives, influencers, and users. The app is now available to download from the App Store and Google Play Store. For more information about the MyCaribu app, visit mycaribu.com
You can also view the video about the MyCaribu app below:
MyCaribu is the platform that improves the car insurance buying experience, and that recognizes and rewards each of its users by analyzing their driving level, taking into account the following variables on each of their trips: cell phone use, speed, time of day, fatigue and smoothness while driving; with the sole objective of creating fun experiences, road safety awareness and safer drivers. Get to know and download MyCaribu at mycaribu.com.
About The Floow
Based in Detroit in the U.S. and Sheffield in the UK, The Floow is a leading telematics service provider built on the mission to make mobility safer and smarter for everyone. We do this by delivering Connected Insurance solutions to motor insurers that improve their ability to assess risks through a suite of highly-predictive behavioral scores collected from smartphones as well as most other sensing devices in an agnostic fashion. We enable insurers to reduce operating costs by engaging drivers in improving their safe driving habits.
The Floow has been recognized with a number of awards including the Made in Sheffield Mark, Prince Michael International Road Safety Awards, the Queen’s Enterprise Award (Innovation), the European Usage-based Insurance Industry award from Frost & Sullivan in 2018, the Insurance Times Tech and Innovation Data Analytics Excellence Award in 2019 and our FloowCoach program was named Private Sector Initiative of the Year at the 2020 Young Driver Focus Awards.
For more information please visit: www.thefloow.com
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