Pay your car insurance only for the kilometers you drive
In principle, nothing really new, since some insurers, such as MMA, MAIF, Allianz, already offer this type of offer. Similarly, Wilov, another insurtech has already entered this same niche. On the other hand, the difference being that via the major insurers you must request reimbursement of part of your insurance premium if you have not made the mileage paid for. At Flitter, you only pay for the kilometers you drive. This is at least the promise of this young French insurtech which announces a fundraising of 2.5 M€ led by the Global Founders Capital fund and Xavier Niel. Alongside them, insurance experts such as Jacques Bouthier, the founder of Assu2000, Pierre-Yves Durand, former marketing director of AXA, Christophe Eberlé, founder of Optimind, but also Raphaël Vullierme and Philippe Mangematin, the founders of insurtechs Luko and Seyna.
An unfair rate for one in two insured
In France, one out of two policyholders drives less than 10,000 kilometers per year and overpays for their car insurance. Although it seems counter-intuitive, usage is not taken into account in the tariff of traditional insurers. Worse still, some insurers go so far as to sanction small riders by applying a penalty to them. This is the observation made by Flitter, which is attacking the car insurance market with its offer of online car insurance per kilometer.
€250 in savings for its policyholders
With this rate per kilometer, the new insurance wishes to offer a fairer price with the key to an average saving of €250 per year for those who drive less than 10,000 km. Jérémy Steinberg, CEO of Flitter, explains: “The health crisis and the generalization of telework have disrupted our lifestyles and our mobility. Traditional insurers have failed to adapt to these changes. Today, an insured person pays the same price whether he drives 2,000 or 20,000 km, while his risk is divided by 3. We want to offer a model that is fairer and more suited to our new modes of mobility.”
The principle is simple: by subscribing, the insured chooses his package and submits his mileage in his application via a simple photograph. During the year, he can adjust his mileage at any time and take advantage of à la carte insurance that changes according to his needs.
Technology at the service of policyholders
Flitter is also shaking up habits by offering its policyholders the possibility of connecting their car remotely from an application. “We are now able to connect cars from eight manufacturer brands to enable real-time mileage monitoring for policyholders who so wish. In the long term, we want to offer them connected services such as remote location of the vehicle or even alerts in the event of theft.” adds Arnaud Dumora, CTO of Flitter.
An auto market still monopolized by traditional insurers
David Sainteff, Partner at Global Founders Capital explains: “Auto insurance is a 120 billion euro market in Europe, but it has changed very little over the past 10 years. Few new players have positioned themselves in mobility, and none have succeeded in offering services that go beyond the traditional car insurance model. Flitter’s model is perfectly positioned to correct this market anomaly and rethink the way insurance addresses the evolution of our mobility..”
The fundraising will allow the company to grow its team with talents in many areas such as tech, operations, marketing and customer support.
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