Beema launches innovative car insurance that rewards users for safer driving
Innovative car insurance
Dubai-based insurance innovator, Beema Insurance, has welcomed the new year with the launch of yet another unique insurance product, "Beema SmartDriver", which rewards users for safer and more responsible driving. The product is the first of its kind in the market and can be purchased and activated online through Beema’s mobile app.
Tailored specifically to drivers in the UAE, Beema SmartDriver offers comprehensive insurance with the added benefit of rewards, such as cashback, based on users’ driving behavior. By doing so, Beema continues to be a pioneer in the Insurtech space by using digital technology to incentivize safer habits on the road, thereby minimizing the number of traffic accidents in the country.
"In line with the UAE’s National Agenda to reduce the rate of road traffic accidents, Beema is committed to promoting and creating awareness around safe driving. As an insurance innovator, we are proud to launch the first behavioral insurance product in the region, to further position Beema as a leader in Insurtech", said H.E. Saif Humaid Al Falasi, CEO of ENOC group.
How does it work?
Beema SmartDriver can be activated using Beema’s mobile app and by utilizing the latest technology to assess driving behavior through measured datapoints like speeding, sudden braking, and phone usage. SmartDriver provides users with a calculated Driving Score with each trip they make and, depending on the aggregate score at the end of their policy periods, they can earn rewards like cashback for responsible driving throughout the year. The product utilizes sophisticated software that doesn’t require a physical tracking device or a black box, and has a gamification element that makes it entertaining for the user to interact with. Beema SmartDriver was uniquely designed with the customer in mind, and doesn’t record or capture any personal information beyond the data needed to calculate the Driving Score. And once calculated, any and all information that was used, particularly in regards to location, is immediately discarded. With user data protection and privacy at its core, SmartDriver abides by strict GDPR regulations and maintains the highest levels of cyber-security.
Through the launch of SmartDriver, Beema has once again strengthened its commitment to "making insurance loveable" by sharing profitability with its customers. As of now, Beema already has over 300 SmartDriver users.
Since its launch of the region’s first usage-based car insurance in 2019, Beema Pay-per-kilometer, the company has awarded users with over AED 600,000 in cashback. It has also witnessed record market-share growth since then, allowing it to further the success of its innovative car insurance and launch new product verticals. In 2021, Beema launched customizable Travel and Home insurance products, each digitally focused and designed with UAE customers in mind. Building on its values of "Simpler, Easier, and Fairer", Beema’s products can all be purchased and managed online, in a matter of minutes. In just 2 years since launching, Beema earned the title of "Best InsurTech Solution" by Entrepreneur Middle East.
Focusing on high-growth markets, and with a record success in the UAE, Beema’s innovative insurance solutions are expected to expand both regionally and internationally in 2022, with new products in the works as well.