Safety First with Folksam
Technology Category
- Functional Applications - Remote Monitoring & Control Systems
- Infrastructure as a Service (IaaS)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Usage-Based Insurance
The Customer
Folksam
About The Customer
Folksam is one of the largest insurance companies in Sweden. Owned entirely by its customers, Folksam is continuously engaged in research and development to find new ways to support it customers in driving safely on the road and, ultimately to save lives.
The Challenge
The competitiveness of the car insurance market is driving UBI growth as a means for insurance companies to differentiate their customer propositions as well as improving operational efficiency. An insurance model - usage-based insurance ("UBI") - offers possibilities for insurers to do more efficient market segmentation and accurate risk assessment and pricing. Insurers require an IoT solution for the purpose of data collection and performance analysis
The Solution
With Telia Sense, Folksam is now launching the most comprehensive user-based insurance solution in Sweden, offering it to owners of both new and older cars. By evaluating how customers interact with risk when driving, insurance companies can boost profitability, as well as induce safer driving behaviour and ultimately save lives. Insurers can improve pricing, allow claims to be closed more quickly as well as improve loss adjustment rations by automation.
Quantitative Benefit
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