Kasko2go auto insurance application is based on cutting-edge technologies. The product is designed to create a community of safe drivers and provide the insurance industry with the elements of ethical identity. Customers can finally deal with a transparent, equitable, and credible business.

The advent of the digital era laid the foundation of the new knowledge-based society. The emergence of the Internet and its rocketing development, biotech industries, and the technological boom have created a new paradigm. Humanity is addicted to information of all kinds and the dependency between the two is astonishing. We know much more than people did fifty years ago. Our ancestors were informational divers: they submerged deeply into the topics, dedicating time and effort. Today we are surfers: fast, furious, and mostly superficial.

This new age has also opened the doors to the ‘new economy’. The conditions were developed for the economic development opportunities, enhanced production effectiveness, and creation of wireless global communications. Modern technocratic society can hardly fulfill day-to-day functioning without using a device. Communication, education, reading, coaching, shopping, and food delivery – to name a few – have all been transferred to virtual space.
The consumer behavior patterns, wants, and needs are now perceived through the prism of technologies.

But before we became astonished by tech, the business environment began to change a long time ago. The cooperative movement emerged more than 150 years ago, symbolizing the shift to the new humanistic paradigm. The creation of new democratic structures was characterized with the birth of new principles and goals, going far beyond economic outcomes. The set of values underlying the cooperative operational model, accompanied by the rocketing development of technologies, creates the prerequisites for ethical business; rather than focus on shareholder financial interests, the company is concentrated on environmental and social dimensions, with all their corresponding challenges.

Let’s get ethical

The period of the Industrial Revolution came along with its attempt to generate unquestioning faith in human reason and intellect. Ethics as a concept encompasses standards of conduct and moral judgment. It is virtually essential for both business and society. Ethically responsible business is the one that has developed a culture of caring about people, enhancing societal safety and quality of life. The center of gravity moves from the financial bottom line toward globally significant issues.

Ethical business has six core characteristics: strong leadership, living by good values, adherence to laws and regulations (integrity), respect for customers (receiving and analyzing feedback), relationship-centered approach, and last but not the least — concern for anything and everything related to and impacted by the business. In other words, ethical literally means honest, responsible, transparent, and caring.

The development of business theory along with empirical studies have revealed the importance of sustainable development, which is being manifested by a growing number of organizations across all production levels. Ethical business and sustainability vision are the two sides of one coin, and the strategic role of supply and purchasing is an embodiment of the sustainability lever.

Ethical philosophy affects all the business cycles, stages, and operations and it underlies the company’s competitive advantage. A conscious business approach targeted at social welfare mirrors the company’s vision of satisfying the corporate needs in a way that the benefit is maximized on a global scale, rather than leaning on private cost-benefit analysis. The urgency in terms of sustainability and safety is to a great extent dependent on the government’s prompt, which can instill the consumer’s demand for quality. But still, the government efforts are seen as inadequate and deficient. Legislation cannot resolve crucial societal and business issues -though technologies can.

Insurance: old-school approach as industry’s scourge

To many readers, it may seem surprising: why insurance? The point is that in the context of digitizing and innovativeness the insurance industry has been sustaining a very specific path. A nihilistic one. The insurance market has been actively ignoring the pervasiveness and obvious opportunities of the tech field, showing zero concern, skepticism, and reluctance. Still, the industry looks exactly like it did thirty years ago. In some cases, being conservative and retrograde is stylish, however, in the case of insurance, this approach is not justified. Moreover, it is destructive.

It is not an exaggeration to assert that the insurance industry appeared to be at a dead end. This lamentable situation is rooted in being unable to tackle the existing challenges and provide well-tailored service. Fraud activity is probably the biggest problem of all, as it results in billion-dollar losses globally per annum. The scope is truly shocking: nine out of ten insurance claims have fraudulent behavior. The fraudsters‘ talent and creativity involve a vast range of fraud scenarios, and this is the area where traditional insurance is helpless.

The problem of fraud leads to another aspect, which makes insurance far from being ethical. It is about pricing policy, which has been really unfair. Apparently, something had to be done with the detrimental amounts of losses caused by fraud. Consequently, the fraudulent activity became the concern of the conscientious and law-abiding drivers in the form of higher premiums. Even if one is not a vehicle owner, it is not difficult to imagine the industry’s reputation. In this case — is insurance ethical? Not at all.

The disappointing circumstances are complemented by arcane insurance legacy systems and bureaucracy. Looking back for the core characteristics of the insurance industry, I could hardly find any of them. This technological rejection isolated insurance from the rest of the world running at a fast pace. It is logical that the old-school stance and dated business model simply do not work and what is more important — do not correspond to the demands of modern society. Insurance has to open its doors, let the fresh air in and allow tech to take the wheel.

Ethical insurance: how it looks

The new ethical insurance is the one built from scratch, based on cutting-edge technologies. Just as with all the other progressive industries, insurance needs to move away from the generalized mechanism where the customers are regarded as a mass. A high level of personalization can be ensured by usage-based technologies. That means insurance literally takes each driver and gets to know them completely. Usage-based technology (UBT) takes into account the axiom that each driver is different.

The Kasko2go insurance application presents a quintessential technology which incorporates open source intelligence, link analysis, visual analysis, signal and image processing, photogrammetry, and text analytics. Personal driving habits include a number of parameters, and telematics within the app accumulates and analyzes all of them to draw the picture of a particular driver and their driving patterns. The app uses military grade AI as the means of predictive fraud detection and dynamic evaluation of driving conditions technology.

The personalized approach in the Kasko2go app is also implied by introducing the insurance industry to a fair and well-considered pricing policy. From now on, good drivers will not pay for the bad ones. The application offers an on-demand insurance, where the system is activated only when driving. The cost-savings which are being passed on to the customer is actually an incentivizing tool. In other words, the driver becomes motivated to improve their driving habits.

Kasko2go is much more than just an app, it is an entire philosophy. The global mission of this unique product is to create a community of safe driving. Every vehicle owner within this new conscious environment is responsible for addressing the existing issues. In the world where business is no longer the gatekeeper, people in the safe driving community become co-creators: they make a difference through starting with themselves. In addition, the industry finally becomes smart, transparent, and fair, it cares about the safety of its customers. What would you call that insurance industry? The answer is clear.

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