DEFINITY LAUNCHES SONNET SHIFT: A NEW USAGE-BASED INSURANCE OFFERING GIVING CUSTOMERS CONTROL OF THEIR PREMIUMS
Definity becomes first Canadian P&C insurer to offer quarterly savings for drivers based on driving scores
WATERLOO, ON, Sept. 5, 2023 /CNW/ - Leading property and casualty insurer Definity (TSX: DFY), has launched a new usage-based insurance (UBI) product offering: Sonnet Shift. It gives Sonnet customers in Ontario a personalized insurance experience, delivered through a best-in-class program offering drivers enhanced control over their premiums while promoting safer driving habits.
Sonnet Shift is the first ever UBI product in Canada to offer quarterly price adjustments based on recent driving scores. The tailored insurance solution empowers each driver with the ability to oversee their own premium. Powered by The Floow advanced telematics and Munich Re Global Consulting, Sonnet Shift uses individual driving behaviours and preferences as the main factor for pricing, including time of day, fatigue, smooth driving, speed, mobile distraction, and road risk.
"By providing customers with the tools they need to manage their premiums and improve their driving, Definity is transforming the insurance landscape into one of empowerment and customization," said Rowan Saunders, President and CEO at Definity. "Our customers can choose the insurance that suits them best. Just as Sonnet redefined the Canadian insurance landscape as the first fully online home and auto insurance company, Sonnet Shift builds on this legacy to reimagine the insurance experience and equip customers with customized coverage at a competitive price."
Sonnet Shift is immediately available to customers in Ontario, with provincial expansion planned for early next year.
Building on the Definity commitment to sustainable practices, the company has committed to donate 1% of all Sonnet Shift premiums to Green Communities Canada, a national not-for-profit focused on grassroots climate action.
"Definity is dedicated to redefining the customer experience through innovation, and that means placing control, personalization, and transparency into the hands of our customers," stated Paul MacDonald, Executive Vice-President, Personal Insurance & Digital Channels at Definity. "With our sights set on helping our clients and communities adapt and thrive, we're proud to offer a product that encourages safe, eco-friendly driving behaviours while strengthening our relationship with Green Communities Canada."
Definity Financial Corporation ("Definity", which includes its subsidiaries where the context so requires) is one of the leading property and casualty insurers in Canada, with over $3.8 billion in gross written premiums for the 12 months ended June 30, 2023 and approximately $2.7 billion in equity attributable to common shareholders as at June 30, 2023.
SOURCE Definity Financial Corporation
Media inquiries: Sarah Atwells, AVP, Corporate Affairs, (C) 226-753-1130, [email protected]; Investor inquiries: Dennis Westfall, Head, Investor Relations, (C) 416-435-5568, [email protected]
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