Novatel Wireless and Next Seguros, a subsidiary of GRUPO NEXT, announce that the Novatel Wireless MiFi Drive MT3060 OBD II device has been selected as part of the company's usage based insurance offering.
Frost and Sullivan Research ranks Spain one of the largest markets in Europe for telematics based insurance programs with high customer willingness to embrace the offering.
Next Seguros is dedicated to creating products that can save its customers time and money. It is the first company in Spain to offer pay-as-you-drive (PAYD) auto insurance policies, which are based on how many kilometers an insured drives.
The driver predetermines how many kilometers they expect to drive over a 12 month period. Next Seguros then aligns insurance costs with how much a client plans to drive. The less the insured drives, the lower the premium. The principle behind PAYD is that those who drive less, are less likely to get into accidents. The risk is then lowered, and the insurance company can charge a lower premium as a result.
Next Seguros has developed a M2M technology platform with a variety of offerings including virtual maintenance, connection with different dealerships, mobility services such as alerts, geofencing and towing, privileged access to parking spaces and other connected services.
The MiFi Drive MT3060 model, is a compact device that the customer easily plugs into the vehicle’s OBD II port (normally near the base of steering wheel) which collects and sends driver behavior data via the Next Seguros platform.
We needed a reliable turnkey solution with a proven track record and high reliability ratings and the MiFi Drive by Novatel Wireless fit those requirements perfectly," said Javier Goikoetxea, CEO of GRUPO NEXT, the holding company of Next Seguros.
"Next Seguros has a great reputation in Spain, known and respected for putting the consumer’s best interests first," said John Carney, Executive Vice President of Sales and Marketing for Novatel Wireless.
Novatel Wireless has deployed the MiFi Drive MT 3060 solution throughout Europe, the Middle East and Africa for usage based insurance and fleet management applications. The device and associated partner solutions have been awarded most innovative solution from powerhouses GeneraliAM and Accenture, amongst others.