Collaboration to strengthen Green Packet's Smart Mobility offering by deploying Hannover Rueck’s telematics solutions

Malaysia, Kuala Lumpur, 14 September 2020 – Green Packet Berhad, a Malaysian-based international technology company and Hannover Rueck SE Malaysia Branch (HRe), a regional underwriting centre located in Kuala Lumpur, which served the South and South-East Asian insurance markets since the late 1970s have teamed up for a commercial fleet Usage-Based Insurance (UBI) telematics program in Malaysia. Hannover Rueck will work with Green Packet on the platform which will use information from telematics data to recommend customized insurance programs to commercial fleet. This collaboration is part of Green Packet’s Smart Mobility strategic initiative to improve the safety of road users.

The platform uses telematics data from a plug-in device installed within commercial vehicles to record information about the driver’s driving behaviour. The platform referred to as Connected Advanced Driver Assistance System (ADAS) aims to reduce road accidents by monitoring vehicles and its surrounding. It collects critical driving behaviour such as driver’s speed, driver braking behaviour, distance travelled and information of its surrounding to automatically alert the driver when dangerous conditions are detected.

Under this agreement, Green Packet will provide Hannover Rueck with commercial fleet telemetry technology that collects data and delivers a driver behaviour-based score for analysis, provides recommendations for participant improvement, and enables credits toward insurance premiums based on Hannover Rueck’s scoring model. The data collected will be sent to Hannover Rueck to assess the risk profile commercial drivers in order to reward safer drivers with discounts on their insurance.

This collaboration is aligned with the 2017 Bank Negara Malaysia (BNM) initiative on the Liberalisation of Motor Insurance Business: Rewarding Good Risk Management. The BNM initiative states the pricing of motor insurance products will be determined by individual insurers based on risk factors and competitive forces. This allows insurance providers to be more responsive to consumer preferences and market conditions. It also achieves more impartial pricing which better reflects the underlying risks and appropriately differentiates between good and bad risks.

“Businesses prefer customized and personalized solutions and we believe that they will welcome the solution as it will not only help them lower insurance costs but will give them end to end visibility of their driver’s driving behaviour thus improve driving behaviour of their fleet in the immediate term,” said CC Puan, Group Managing Director (MD) of Green Packet Berhad.

“With technology advancements in mobile sensing, IoT and artificial intelligence (AI), it is now possible to develop new risk mitigation methods which will benefit the wider community in addition to providing a more impartial pricing metric for drivers,” added Mr Daniel Gunawan, Chief Executive Officer (CEO) of Hannover Rueck SE Malaysia Branch.

The collaborative partnership aims to provide data-driven insights that improve underwriting and overall convenience for consumers. The UBI telematics program is set to launch by Q2 2021. Green Packet and Hannover Ruck look forward to sharing updates and data regarding performance as it progresses.

For more information, please visit www.greenpacket.com.

About Green Packet Berhad

Green Packet is an international technology company. It was founded in the heart of California’s Silicon Valley in 2000 and subsequently listed on the Malaysian Stock Exchange in 2005. In 2007, Green Packet crossed USD 1 billion in market capitalization. Today, Green Packet designs and produces wireless devices, user-centric applications and services that enable the delivery of life-improving digital innovations and experiences into the hands of masses. Its core businesses are Solution (cellular devices), Communication (voice minutes and data), and Digital Services (fintech and proptech). It is headquartered in Selangor, Malaysia, with branch offices in China, Singapore, Hong Kong and Taiwan.

For more information about the Group, please visit www.greenpacket.com.

About Hannover Re

Hannover Re (in German Hannover Rück), with a gross premium more than €22 billion, is the third-largest reinsurer in the world. Its headquarters is in Hannover, Germany. The company was founded in 1966 under the name Aktiengesellschaft für Transport- und Rückversicherung (ATR).

Hannover Re transacts all lines of property & casualty and life & health reinsurance and has a network of subsidiaries, branches and representative offices on all five continents with a total staff of more than 3,000. The Group's German business is written by the subsidiary E+S Rück.

The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior").

Hannover Rueck SE Malaysian Branch (Hannover Re Malaysia) shares the same strong financial strength rating as Hannover Re and has gained extensive experience in the region over the past four decades.

Our clients profit not only from our financial strength and our competence in the creation of tailor-made solutions, but also from our long-standing regional experience. Our local presence enables us to offer accessibility, flexibility and rapid service. At the same time, we – and hence our clients – enjoy access to the infrastructure and profound know-how and services of Hannover Re’s worldwide network.

Our clients benefit from the knowledge and experience of a leading global reinsurer, while our expertise in the local markets enables us to support our varied cedants’ objectives optimally.

For more information about the Group, please visit https://www.hannover-re.com/