Is Car Insurance Sexy?

Is car insurance sexy?

No! Non! Nee! Não! Niet! Nein! Nahi! Voch! Non! Nyet! Lo! La! Le! Hapana! Bù! Ma ho bu! Không!

No! (Seriously - No!)

Sorry, car insurance just isn’t sexy!

Can it be? Let’s talk!

When I was young and going through college to pursue my Marketing degree, the last thing I considered having a career in was insurance. Forget about working at a tech firm where they designed apps for insurance companies, the thought of that was madness.

Like most baby Marketers, I had visions of living the Mad Men lifestyle, wearing fedoras and smoking cheap cigars, drinking whiskey mid-day, entertaining clients, spouting out Pulitzer Prize winning ideas for commercials, only thought up as my client entered the room. When my work day was done, I’d check into the local bar and have barkeep Tommy pour me a few more drinks before commuting home on the train, arriving home to be greeted by my ex-model wife who has a roast turkey hot and waiting for me on the dinner table.

And yet, here I am. Doing Marketing for an Insurtech company. You could be excused for not knowing what that is, I honestly didn’t and had to look it up after my boss mentioned it. According to Investopedia, an Insurtech is the “use of technology innovations designed to squeeze out savings & efficiency from the current insurance industry model.” Put simply, it focuses on finding ways to improve the way that people can protect themselves from bad things happening to them (ie- through insurance). I’m definitely no Mad Man!

Is car insurance sexy? Still no! Can it be?

Possibly. Possibly so.

When you think of insurance you typically think of old guys, math, actuarial tables. None of these things are even remotely sexy.

The only time people truly appreciate insurance is when they absolutely need it, when they have an accident, when stuff goes bad, when the impossible has happened to them rather than someone else, when they need help that no one else can provide. Then insurance is a necessity, it’s something to be desired. It’s…. Sexy.

Car insurance is even sexier when it not only covers your accident or loss, but does so quickly, without much effort, haggling or making threats. If it does all that, car insurance is sexier than the 1976 poster of Farrah Fawcett that adorned my bedroom wall until I turned 32.

How Behaev helps make car insurance sexy

Behaev is an insurance solution developed by tech firm Baseline for insurance companies. Customers can download the app for free to their mobile device. The app allows them to get the best possible insurance price, because it’s based on their actual driver behavior and usage. After only 10 trips in their car, they’re able to get an insurance quote based on their actual driving rather than past claims, age, gender or credit score.

Behaev allows insurers to base their prices on the probability of them actually having an accident using real driving information gathered in about a week’s time. By basing their premiums on real behavior, insurers can finally more accurately calculate the price for coverage based on facts based on the driver’s abilities rather than on estimates calculated on statistical and historical generalities, which we all know has nothing to do with the future. Knowing how their customers really drive, pays off. 

Behaev lets insurance companies reward their customers’ accurate driving capabilities in driving with lower premiums. Customers pay less. Customers are happy. Insurance companies more adequately price their products for each customer. Insurance companies need to measure risk to set prices. A reduction in risk for them is a good thing. Less risk means lower claims for their customers. That’s lower prices for their customers and pushes potentially risky customers elsewhere.

The customer saves money. The insurance company attracts better risks at lower costs. Everyone is happy, everyone is getting what they need and want. What’s sexier than that?

Behaev also allows insurers to engage with not only customers, but prospective customers. BEhaev allows them to “try before they buy” for free, on their cellphones, as everyone expects to do with everything nowadays. Through gamification on the app, insurance companies can build a relationship with their customers as well as attract new ones looking for an insurer who finally understands them as an individual, not a statistic. With strong customer engagement, comes greater customer satisfaction. This further lowers marketing costs which in turn helps contribute to lower insurance costs for their clients. In Marketing, having customer loyalty, is the sexiest thing we can think of for the insurer as well as their customers.

With Behaev, car insurers can ASSURE customers, rather than INSURE them. Insurers can be proactive rather than reactive, they can do things that alleviate their risk of situations happening in the first place. They can reward good driver behavior through gamification with lower premiums and rewards people actually want, bringing down their risk at the same time. Again, lower premiums for customers, less risk for insurance companies, more money for everybody. Sexy! Sexy! Sexy!

And what happens when customers have an accident? Behaev allows insurers to easily file a claim via their smartphone, as seamlessly as ordering a pizza online, with no need to worry about waiting to speak to anyone, or wondering what to do next. The insurer can quickly help their customers and determine who may be at fault for the accident, without any doubt, benefiting everyone. At the same time, when the improbable happens, customers can start the process of opening their claims directly right after the accident occurs, sent right to the insurers. Claims can be settled quicker. Again, both insurer and customer are able to settle claims faster and with lower administrative costs for the insurer. Insurers are able to place money into their customers’ hands faster at the time that they need it. Dare I say it again, sexy!

This all leads to us to question yet again: Is car insurance sexy?

The answer: With Behaev, yes it can be!