Telematics solutions in East Africa

Problems  we are trying to solve:

•A high number of road accidents and related deaths in 2019 (About 3,500 recorded)  Mostly caused by reckless driving.

•High claims ratios on motor insurance books (Industry LR 2019 at 77%). This in turn leads to high premiums.

•High number of fraudulent claims ( 30-40%) .

•Low retention rates of less than 50% by insurance companies.

•Motor cycle accidents and theft.

Proposed solutions for the above 

•Use of technology (telematics) to influence driver behaviour changes and performance premium pricing.

•Better driven cars and motorbikes which means reduced accidents and claims.

•Sustainability of businesses (boda businesses and insurance companies)

•Application of ‘’freemiums’’ model.

•A high number of road accidents and related deaths in 2019 (About 3,500 recorded)  Mostly caused by reckless driving.

•High claims ratios on motor insurance books (Industry
LR 2019 at 77%). This in turn leads to high premiums.•High number of fraudulent claims ( 30-40%) .•Low retention rates of less than 50% by insurance
companies.

Motor cycle accidents and theft

Our solution:

1.) Save lives on the roads.

2.) Help the low earning motorcycle drivers make  their money, and keep their assets safe.

Problem

•A high number of road accidents and related deaths in
2019 (About 3,500 recorded)  Mostly
caused by reckless driving.Solutions
•Use of technology (telematics) to influence driver
behavior changes and performance premium pricing.
•Better driven cars and motorbikes which means reduced
accidents and claims.
•Sustainability of businesses (boda businesses and
insurance companies)
•Application of ‘’freemiums’’ model.

•High claims ratios on motor insurance books (Industry
LR 2019 at 77%). This in turn leads to high premiums.

•High number of fraudulent claims ( 30-40%) .

•Low retention rates of less than 50% by insurance
companies.

Motor cycle accidents and theft

Two things that make our solution innovative is the current target marker and pricing model .Our current competition had installed trackers at a high price and is focussing on fleet management for logistics companies while we are implementing a low cost black box that will allow our clients to monitor driver changes which will help them save lives, save money and ensure customer loyalty.

Black box will be installed in all our clients motor vehicles and motorcycles . These boxes will be able to check location of asset , speed, idling, collision, harsh braking and driving , acceleration, seatbelt , fuel consumption, vehicle faults, battery voltage , alters, and onboard diagnostics. This black box will then update our software on a real time basis. Our clients will be able to independently use this data to access  and pay for claim cases, price premiums and locate the asset hence saving them money.

•Use of technology (telematics) to influence driver behavior changes and performance premium pricing.

Building industry, innovation and infrastructure - Disrupt the current insurance industry by using telematics to help insurance companies reduce claims costs and adopt a consumer behaviour pricing.

Decent work and economic growth- Working with emerging

market in the  motorcycle (Boda Boda) space to improve sustainability, efficiency  and  provide security of their assets.

Our solution is user friendly as our clients will only need to pull reports based on exceptions. We shall offer training and support to all our clients.

Google maps is the only other system we may need to integrate with and we will pay this service.

A sim card will be installed in all black boxes to ensure that connectivity is good. Our direct clients are companies and as such they do not have low literacy. However, we shall be offering training and support to our users .

Our numbers are dependent on the insurance company clients.

We are currently running the pilot, first year we except to serve 3 Insurance companies and in the 5th year , we should be serving at least 12 Insurance companies.

Our goal within the next year is to roll out the live project and start building market presence .

Our goal in the next 5 years is to increase customer base and product variation ( increase our product range).

Financial barriers are what will restrict us in the next year.

one of the products we would like to implement in the next 5 years is to help parents track their school children where we may face cultural barriers .

Financial barriers- we are currently sourcing for funds to help us go live .

Cultural barriers- we will sell the benefits of our products to parents versus current case rate of missing children.

N/A not part of a larger organisation

Full time 10,

Part time 5

Vincent Mose- Director

10+ Insurance Industry experience.

Underwriting Specialist with vast experience in insurance, and risk management.

Having been in the Kenyan Insurance industry for a long time, Vincent brings on-board a great deal of understanding on how the insurance industry works and the main pain points and service offerings in the market.

Anita Jahenda - Director

7+ BIG data analysis, business sustainability, enterprise risk management, and technology assurance experience.

Having worked in the ” BIG” 4 consultancy firms for over 7 years in both the East African Market and the United Kingdom, Anita brings on board a wide range of experience that will help implement the business model, analyse data, and ensuring business sustainability.

Our main revenue streams will be through

1.) sale of the gadgets

2.) Service fee on a year basis

3.) Fees charged for additional services such helpdesk services, ambulance services etc

None

We seek to raise 600,000 USD. This can be in form of grant or equity.  We are hoping to raise at least half of this amount in the fist 6 months and the remaining half in the next 6 months of the first year.

For 2020/21 , we expect to use about USD 324,000.