August the 26th, 2021 - The very young but already successful Croatian company Amodo has created a new and innovative ''pay as you drive'' concept which is sure to win over many drivers.

As Poslovni Dnevnik/Marina Bilus writes, just five months since its debut here on the Croatian market, the Croatian company Amodo, which until recently gained an exceptional reputation exclusively through international business, continues to transform the local insurance industry.

This globally renowned insurtech company, led by Marijan Mumdziev, achieved its first cooperation with insurers in the Republic of Croatia back in March, when Croatia Osiguranje (Insurance) launched LaqoPrevent, based on the the Croatian company Amodo's own platform.

Now, however, Amodo is joining forces with Uniqa Osiguranje, which, thanks to the smart solutions of this startup, has offered customers a pioneering innovation, even on the European scale - the Smart Kasko product.

As the name suggests, it is a comprehensive insurance that, thanks to the innovative Amodo platform, is fully digitalised, so the client has complete control over its contracting and use, through the app for mobile phones.

The real "revolution" in the Croatian company Amodo's innovation lies in the very structure of this type of comprehensive insurance because customers are offered two models of this product. The first is, let's say, basic and closest to the classic comprehensive insurance where the policies are paid annually. But the second model is truly the result of the “Pay As You Drive” concept, which has come to life in the global insurance industry with the flourishing of fintech.

Simply put, the client pays for this type of comprehensive insurance depending on the planned mileage, so they're offered several options - 100, 300 or 1200 kilometres, and they can then select them on a prepaid basis via the mobile app. So, the driver pays literally as much they drive.

Users can try the app out for free for 30 days, following their driving style, which is rated, and each with a ''score'' of more than 60 provides them with free kilometres that they can use when buying an extended package.

"Smart Kasko is the future of safe driving, a digital innovation we created by thinking about the needs of a client who doesn't want to pay for a full Kasko policy but instead just wants to pay depending on how much and how they drive," explained Sabine Usaty, CEO of Uniqa Osiguranje, adding that the move will increase safety, raise awareness of responsible driving, and with all this, it is still extremely easy to use.

"This is the most innovative ''Pay Per Mile'' insurance product at the European Union level," Amoda CEO Marijan Mumdzhiev stated, emphasising that the Croatian company Amoda, as a European insurtech leader, is especially pleased to realise cooperation with innovative companies in the insurance industry on the Croatian market because "they are jointly transforming the entire industry."

The Amoda and Uniqa project is also proof that Mumdziev foresaw well that numerous innovations on the Croatian insurance market were soon to take place.

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As Poslovni Dnevnik/Bernard Ivezic writes on the 29th of October, 2019, The Croatian startup Amodo, whose software products are used by America's largest insurer AIG, has been listed among the top five insuretech startups in the world by the Financial Times.

Insuretech stands for insurance tech, and these involve companies that make technological innovations within the insurance industry. The highly respected and reputable publication states that insurers have long resisted change, but that is now beginning to alter rapidly.

According to Deloitte, 2.6 billion US dollars was invested globally last year in insuretech companies, accelerating that investment. In the first six months of this year alone, that amount climbed to 2.2 billion dollars. Marian Mumdžhiev, CEO of Amodo, says that he is very proud of the success of his team.

"The Financial Times has listed Amodo's collaboration with AIG, Triglav and P&V among the top five best practices in the insurance industry in the world, and it makes me so proud of the Amodo team," says Mumdžhiev. The Croatian startup found itself in listed within a very respectable group indeed, alongside companies such as Aon, EY and Guardtime, Hiscox and Inrobin and Mapfre, thanks to jobs it did for AIG, Triglav and P&V.

The startup provided the aforementioned companies with telemetry data analytics services for driver behaviour. The Croatian startup Amodo gives drivers a so-called "driving score" or perhaps better to say driving rating. This information is then paired by insurers with their offers and goes to create new products that financially reward conscientious driving while penalising drivers who don't drive carefully. One example of how Amodo does this is the AIG Drive Master mobile application (app). Under different names, this product is also available in Hong Kong, Singapore and Malaysia.

Based on the example of the AIG Drive Master in Hong Kong, the app uses GPS data from the driver's mobile phone to evaluate, for example, with what style the driver accelerates and brakes.

Furthermore, the app encourages users to drive more safely and challenges them to compete with other drivers in the conscience of driving. One form of motivation is the competition for the best driver in Hong Kong and the other in the form of specific prizes. These can range from coffee all the way to free fuel over the next year. Amodo's driving rating also affects the price a driver will pay for an insurance policy.

The Croatian startup Amodo is based in Zagreb and was initially founded six years ago. It has, to date, connected more than 700,000 drivers to its cloud platform, which, among other things, processes data on speed, sudden braking and acceleration, the GPS position of each user, and other things. Amodo has invested just over one million dollars in three investment rounds, as was publicly announced.

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