Kudo Insurance

Idea

Introduction

Kudo is a revolutionary motor insurer with a game changing driver score and industry leading engagement programme that rewards safer drivers and builds a path to hopefully become profitable.

Founded by Peter Graham, insurance veteran & former CEO of esure, Kudo is for the millions of safe drivers in the UK & rewards them for driving safely & with consideration to other road users.

The Kudo Story:

As one of the original insurance disruptors in his role as CEO of esure, Peter Graham had closely monitored innovation that could transform motor insurance profitability. Kudo was born out of the emergence of mobile telemetry that facilitated the cost-effective identification of better drivers - without the need to sell motor insurance policies as a pre-requisite.

Kudo’s beta version of the App was developed to test the hypothesis and trials were carried out with three UK insurers (AXA, RSA and esure Insurance), and consumers. The detailed trial with esure Insurance proved the level of driver score required (700 out of 1,000) to differentiate the better drivers (reduced frequency of motor insurance claims), and consumers also stated a good driver score would be a good way to prove their value to insurers. Peter managed to attract a team of likeminded insurance leaders and functional experts and Kudo’s path to full-market deployment followed with the company now ready to build scale of App Users and generate car insurance revenue.

How it works:

Market Opportunity:

The UK private motor insurance market (c30m vehicles and a £16.4bn annual market premium) is broken. Insurers have a weak relationship with consumers, focused on price and a once in a year purchase window.

Monetisation strategy

Kudo plans to attract a customer base through cost effective strategic partnership with relevant road safety, price comparison website and Tier 1 Auto OEM partners to mitigate Direct to Consumer risks.