On 20th March 2017, KATSANA presented its new KATSANA Insight and DriveMark solution during Finnovasia Kuala Lumpur, Asia’s leading Fintech event. The event saw hundreds of attendees from finance and insurance sectors, financial technology & insurance technology startups, investors & venture capitalists, regulatory bodies and media.
InsurTech: Marrying Insurance and Technology
An apt title for the InsurTech slot at the main stage of the event, the founder of KATSANA (yours truly) shared the stage with Ms. Val Ji-Hsuan Yap, Founder & CEO of PolicyPal, and Robin Lee, CXO of Inzsure. We later shared our thoughts on challenges facing fintech/insurtech startups, experience growing the business, and our hope for a better future.
KATSANA proudly showcased its new KATSANA Insight platform for motor insurers, enabling big-data driven analytics on driver behavior pattern to help motor insurers understand their customers better. The consumer-companion for KATSANA Insight is the DriveMark app that was released a few months ago. DriveMark is a mobile telematics app to allow drivers to self-quantify their road behavior. We have added gamification elements in DriveMark, with the objective to help train drivers to become better drivers, and thus creating safer roads for all.
There was an interesting question on the motivation to develop usage-based insurance solution (UBI) for motor insurers.
Creating safer roads in Malaysia and the rest of the world has always been our core mission. At first, we grew from a simple GPS tracking solution that aims to reduce car theft after our own experience seeing two of our close friends lost their cars within a span of a week. After a while, KATSANA started to receive enquiries from enterprise sectors looking to solve their problem with drivers reckless behavior on the road.
Realising that this is a major problem across most enterprises, KATSANA then started to develop features to understand drivers better. Market needs necessitates the team to create algorithms and features that enabled us to rank drivers based on their actual road behavior, and driving pattern.
After 12 months of deploying such features, we noticed drastic decrease of risky behaviors for a majority of our fleets. On average, KATSANA managed to reduce reckless behavior on the road by 62% within 12 months, on top of successful recoveries of stolen cars worth almost RM4.5 million within 24 months.
It led us to explore potential collaboration with motor insurers. Motor insurers stand to gain from better understanding of driver’s risk, and coupled with DriveMark’s ability to train drivers to become better, we foresee a game-changing solution in insurance space.
Lets make our roads safer!