Thread by @FGraillot

Tesla Insurance has been on the market for 3 years, here are 10 things to know about this #InsurTech-like initiative🧵
#FinTech

It was launched in August 2019 and available only in California

The initial target was to provide "Tesla owners with up to 20% lower insurance rates"

The promise is to offer a simple sign-up ; an insurance powered by Tesla's home-made 'safety score' ; and a service available 24/7

It's a 100% mobile-based UX:

- starting with the onboarding process

- access to the policies' terms & documents

- opportunity to monitor the driving data points to improve driving behavior

- capacity to file a claim, schedule repairs or request assistance in the app

It's powered by a behavioral pricing tracking 5 driving data points ; generating a scoring updated every month ; and pricing the next month premium accordingly

The risk scoring is based on 5 criteria:

- Forward collision warnings per 1,000 miles

- Hard braking

- Aggressive turning

- Unsafe following

- Forced autopilot disengagement

The risk scoring formula was designed on statistical modeling using 6 billions miles of fleet data!

Launched in a single state (California) it's now available across 10 states, as of September 2022

The 'Safety Score'-based pricing is available in every state but California

The long term perspective is « trying to turn a nightmare into a dream with Tesla Insurance » according to @elonmusk, its CEO.