VivaDrive

insurtechsoftware/whitelabel/apis (insurtech)

FOUNDING YEAR: 2016
LOCATION: Belgium
Last Update: 01/05/2020

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About

VivaDrive is a platform helping car insurance and leasing companies increase brand loyalty, lower new customer acquisition cost and reduce claims, lapse and loss ratios. VivaDrive’s Platform-as-a-Service (PaaS) solution: a) analyses driving data, b) discovers insights about the driver and provides personalized feedback to the driver, c) uses gamification with a rewards program to change driving behavior and d) builds a loyal community. With the arrival of connected and automated cars, the power of VivaDrive can be further harnessed by advertising, media, and car, companies to provide contextualized information and tailored benefits to drivers.

Focus

PRODUCTS & SERVICES

VivaDrive offers a suite of products and services that builds loyalty, lowers churn, attracts new customers and can also reduce claims. Along with rich driver and customer analytics, VivaDrive’s offers unique incentive-based Driver Improvement and Loyalty Program for individuals and corporates that is effective in changing driving behavior and helping companies create engaging and successful mobility-related communities. Specifically VivaDrive provides: - A smartphone-based platform (Android & iOS) for driving data collection and driver improvement and engagement through gamification, community and rewards; - A “big data” telematics platform processing large-scale data integrated from various sources (smartphone, connected car, user input, 3rd party sources) and generating smart analytics about driving and mobility taking into account driving behavior, car usage, safety & risk, driver engagement and customer health; - A B2B community dashboard that provides comprehensive analytics that help to learn about drivers and a community. It contains advanced marketing campaign engine that makes that information actionable through personalized challenges and rewards designed to engage your driver community. As a result it allows to track individual user’s driving trends, monitor driving trends of the community and smaller driver groups, contact individual drivers and groups of drivers, stimulate better driving through driving challenges and rewards. 
As a result VivaDrive can be used by car insurance and leasing companies to provide their customers: - Feedback – VivaDrive harvests driving style data and driving risk information, and generates private, personalized feedback; - Engagement – good driving behavior is rewarded with benefits and incentives offered by partner networks that can cover the whole range of mobility and lifestyle services and products (insurance, public transport, entertainment, etc.); - Improvement – thanks to smart incentives, and world-class engagement tools VivaDrive motivates progress and behavior change.

REVENUE MODEL

We have a straightforward B2B and recurring revenue model that will help us to on-board a large number of drivers to our platform. Companies who use our white-label solutions pay a subscription fee per driver per month (between €1.5 and €4 per driver per month).

PRIMARY PROBLEM SOLVED

Insurers are pouring billions ($5.7 billion in the U.S. in 2011) into marketing attempting to protect and to increase market share but: - The insurance industry still has one of the lowest Net Promoter Score ratings of any industry, which means that companies do not inspire satisfaction or loyalty in their customers; - Car Insurance companies typically target acquisition costs of 10-15% of expected Lifetime Premium, with acquisition costs ranging from ~$150 on the low-end to $500+ on the high end; - Claims constitute up to 90% of insurers’ costs threatening their bottom line. Finally, the digitization and the rise of price aggregators means that car insurance becomes a commodity leading to price erosion and price wars. The car leasing industry faces the same problems i.e. it operates on a low margin, it targets high volumes, and it faces stiff competition. It is largely undifferentiated and increasingly commoditized and suffers from low-frequency of interaction, not taking into account changing customer’s needs resulting in low customer retention and low brand awareness.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

company provided insights

Traction

REVENUE

$100k - $499

NUMBER OF TRANSACTIONS:

2.00

TRANSACTIONS VALUE:

60 K

TRANSACTIONS COMMENT:

Two projects: - car insurer in Belgium - international car leasing company in Luxembourg

ACTIVE USERS:

6000

ACTIVE USERS COMMENT:

We have created our own show-case community in Belgium called Road Vikings, a community of young drivers with a goal to promote good and safe driving in a rewarding and engaging way. We initially we teamed up with with Mobile Vikings, a disruptive community-driven mobile operator, who helped us reach 250,000 of their young and tech-savvy Mobile Vikings members. That gave us a substantial user-based to work with and we attracted 5.000 users in the first few weeks. Road Vikings teamed up with KBC group, the biggest bancassurance group in Belgium which sponsored the Road Vikings launch, Flemish government through Ministry of Mobility and Belgian Road Safety Institute (BIVV) who supported us with marketing and PR. In this phase we managed to validate all technical and user assumptions;

People

FOUNDERS

Maciej Myslinski

Mateusz Maj

NUMBER OF EMPLOYEES

1-10

COMMENT:

We have assembled an experienced team, passionate about building innovative connected car solutions,unlocking insights from the driving,user data. Having experience in mobile technology, data mining, AI, user-centered design, mobility & road safety, insurance,successful business development, we will conquer the lucrative insurance,leasing telematics market.

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

€1 M

USES OF FUNDS RAISED:

1. Business development - EU, APAC, Middle East and US

2. Marketing efforts to build effective inbound strategy

3. Improvement of our machine learning AI and engagement algorithms (group behavior, accident prevention, driving data contextualization)

EXIT STRATEGY

- Acquisition by and insurance company - Acquisition by a bigger telematics technology player

MONTHS LEFT WITH CURRENT CASH BURN RATE:

6 months from 11 Oct, 2016

COMPETITORS:

IMS Telematics

The Floow

Innovation Programs

BASICS

FOUNDING YEAR:

2016

LOCATION:

Belgium

Views:

131 VISITORS | 356 VIEWS

About

VivaDrive is a platform helping car insurance and leasing companies increase brand loyalty, lower new customer acquisition cost and reduce claims, lapse and loss ratios. VivaDrive’s Platform-as-a-Service (PaaS) solution: a) analyses driving data, b) discovers insights about the driver and provides personalized feedback to the driver, c) uses gamification with a rewards program to change driving behavior and d) builds a loyal community. With the arrival of connected and automated cars, the power of VivaDrive can be further harnessed by advertising, media, and car, companies to provide contextualized information and tailored benefits to drivers.

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VivaDrive

About

VivaDrive is a platform helping car insurance and leasing companies increase brand loyalty, lower new customer acquisition cost and reduce claims, lapse and loss ratios. VivaDrive’s Platform-as-a-Service (PaaS) solution: a) analyses driving data, b) discovers insights about the driver and provides personalized feedback to the driver, c) uses gamification with a rewards program to change driving behavior and d) builds a loyal community. With the arrival of connected and automated cars, the power of VivaDrive can be further harnessed by advertising, media, and car, companies to provide contextualized information and tailored benefits to drivers.

Focus

PRODUCTS & SERVICES

VivaDrive offers a suite of products and services that builds loyalty, lowers churn, attracts new customers and can also reduce claims. Along with rich driver and customer analytics, VivaDrive’s offers unique incentive-based Driver Improvement and Loyalty Program for individuals and corporates that is effective in changing driving behavior and helping companies create engaging and successful mobility-related communities. Specifically VivaDrive provides: - A smartphone-based platform (Android & iOS) for driving data collection and driver improvement and engagement through gamification, community and rewards; - A “big data” telematics platform processing large-scale data integrated from various sources (smartphone, connected car, user input, 3rd party sources) and generating smart analytics about driving and mobility taking into account driving behavior, car usage, safety & risk, driver engagement and customer health; - A B2B community dashboard that provides comprehensive analytics that help to learn about drivers and a community. It contains advanced marketing campaign engine that makes that information actionable through personalized challenges and rewards designed to engage your driver community. As a result it allows to track individual user’s driving trends, monitor driving trends of the community and smaller driver groups, contact individual drivers and groups of drivers, stimulate better driving through driving challenges and rewards. 
As a result VivaDrive can be used by car insurance and leasing companies to provide their customers: - Feedback – VivaDrive harvests driving style data and driving risk information, and generates private, personalized feedback; - Engagement – good driving behavior is rewarded with benefits and incentives offered by partner networks that can cover the whole range of mobility and lifestyle services and products (insurance, public transport, entertainment, etc.); - Improvement – thanks to smart incentives, and world-class engagement tools VivaDrive motivates progress and behavior change.

REVENUE MODEL

We have a straightforward B2B and recurring revenue model that will help us to on-board a large number of drivers to our platform. Companies who use our white-label solutions pay a subscription fee per driver per month (between €1.5 and €4 per driver per month).

TOP PROBLEM SOLVED

Insurers are pouring billions ($5.7 billion in the U.S. in 2011) into marketing attempting to protect and to increase market share but: - The insurance industry still has one of the lowest Net Promoter Score ratings of any industry, which means that companies do not inspire satisfaction or loyalty in their customers; - Car Insurance companies typically target acquisition costs of 10-15% of expected Lifetime Premium, with acquisition costs ranging from ~$150 on the low-end to $500+ on the high end; - Claims constitute up to 90% of insurers’ costs threatening their bottom line. Finally, the digitization and the rise of price aggregators means that car insurance becomes a commodity leading to price erosion and price wars. The car leasing industry faces the same problems i.e. it operates on a low margin, it targets high volumes, and it faces stiff competition. It is largely undifferentiated and increasingly commoditized and suffers from low-frequency of interaction, not taking into account changing customer’s needs resulting in low customer retention and low brand awareness.

PRODUCT DEVELOPMENT STAGE

MARKET TRIAL

PRODUCT DEVELOPMENT COMMENT

We have created MVP that is currently deployed across the Benelux market (BE & LU). We work now on incorporating machine learning and AI in order to automate and make community creation and management easy and cost-efficient. It means we work on further personalization, driving data contextualization, loyalty program automation, group behavior and accident prevention.

KEY DIFFERENTIATORS

Driver-centricity – thanks to a combination of driving feedback, gamification, rewards and the power and impact of social media, we are able to address different people’s motivations, both intrinsic such as becoming a better driver and extrinsic such as being rewarded for improvements. As a result, we are effective in changing driving behavior and helping companies create engaging and successful mobility-related communities. Comprehensive loyalty program for drivers and customers - we do not only focus only driver improvement but we create a comprehensive customer profile taking into account business and social/lifestyle aspects. An insurer can reward a driver for good driving behaviour (to improve claims ratio), but also for policy renewal or claims-free year (to increase retention and loyalty) or provide additional points for promoting the app service among friends. AI-based system – what we offer is not “one-size-fits-all” approach but rather a personalized solution i.e. we are working on using machine learning and artificial intelligence algorithms for better contextualization,understanding and predicting driver and customer behavior. Our showcase project, Road Vikings, has given us over 3M km of driver data,which gives us a advantage over our competitors. We can feed the data in machine learning algorithms and learn things like which rewards will most likely incentivize a driver to change behavior, what communication mode and content is most likely impacting the driver etc.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Small And Medium Business - Other

STRATEGIC CLIENTS AND PARTNERSHIP

MunichRe : Sales relationship

Allianz : Customer

PZU : customer

KBC Group :

IMOB : R&D partner

ALD : Customer

Flemish Government : Customer

People

FOUNDERS

Maciej Myslinski

Mateusz Maj

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO: Erwin Heyse

CTO, FOUNDER: Maciej Myslinski

CMO: Rudradeb Mitra

COO, FOUNDER: Mateusz Maj

CRO: Mateusz Maj

TEAM COMMENT:

We have assembled an experienced team, passionate about building innovative connected car solutions,unlocking insights from the driving,user data. Having experience in mobile technology, data mining, AI, user-centered design, mobility & road safety, insurance,successful business development, we will conquer the lucrative insurance,leasing telematics market.

Momentum

FUNDED

NO

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES