Definity Financial Corporation announced late September 5 that it is launching a new usage-based insurance (UBI) product offering, known as Sonnet Shift, “offering drivers enhanced control over their premiums while promoting safer driving habits,” the company states in an announcement about the new offering.
The product adjusts premiums prices quarterly, depending on recent driving history, using advanced telematics powered by The Floow. Helped by Munich Re Global Consulting, the company promises the product will offer control, personalization, transparency and savings for those with positive driving scores. It says quarterly reviews determine premium adjustments with both rewards and surcharges being applied based on those results.
“Projected discounts or surcharges are updated every Sunday in the app,” they write. The company also claims those which enroll all household drivers are the ones that will maximize their savings.
Sonnet Shift is currently available in Ontario, with provincial expansion planned for early 2024.
