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Low Mileage, Gas-Saving Motorists Get Insurance Break With New "Trust-based" PAYD Insurance

Friday September 5 7:21 AM

Low mileage drivers now have a new way to reduce the amount they spend on their auto premiums - one that fully protects their privacy. Real Insurance (www.realinsurance.com.au), Australia, and Exigen Insurance Solutions (www.exigeninsurance.com), San Francisco, today announced the successful launch of a revolutionary trust-based pay only as you drive automotive insurance product that eliminates the privacy concerns and lowers the technology barriers impeding the introduction of PAYD in world auto insurance markets.

Real Insurance, a part of the Hollard Group (www.hollard.com.au) of companies, is now offering Australian motorists a usage-based insurance product that allows them to pay only for the kilometers they plan to travel. Exigen Insurance Solutions, which specializes in rapidly implementing new business initiatives and products for insurance, served as both a business partner and a technology partner to Real Insurance.

"Motorists are changing their travel patterns to accommodate the rising cost of gas, increased traffic congestion and environmental concerns," says Roger Grobler, Real Insurance CEO. "Against this backdrop we felt it was time to offer a PAYD product. We created the first product to not require a monitoring device by enabling customers to report odometer readings."

"Our search for a competent technology partner brought us to Exigen," says Grobler. "Exigen had the complement of integrated policy administration, billing and claims solutions and a world-class team that was able to meet the challenges associated with designing and bringing to market a completely new way of offering PAYD insurance. We were fortunate to have Exigen as both a technology and business partner with a strong mutual incentive to create a market-friendly, best of breed solution."

Trust-based PAYD differs from the current market-place PAYD systems in significant ways. Most importantly, it does not require the installation or expense of a telemetry device that communicates driver behavior and odometer readings to the insurer. As a result, it alleviates deep consumer privacy concerns that amount to a privacy penalty for those who want a PAYD product but do not want a monitoring device.

"Collaborating on a trust-based PAYD product was a perfect fit for our business model," says Gwen Spertell, Exigen Insurance Solutions CEO. "Hollard prides itself on developing innovative products and services for customers and Exigen itself is committed to redefining how insurers and IT providers can work together in economic alignment."

For more information, or to arrange interviews, go to Exigen PAYD media room:

http://www.exigeninsurance.com/about-exigen/news-events/payd- mediaroom.html (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

Contact:

Exigen Insurance Solutions
Kevin Haydon, +1-845-797-2976
www.exigeninsurance.com

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