Usage-based insurance : nudging towards responsible driving
| dc.contributor.advisor | Krygsman, Stephan C. | en_ZA |
| dc.contributor.advisor | Du Plessis, Sophia | en_ZA |
| dc.contributor.author | Coetzer, Brandon Alexander | en_ZA |
| dc.contributor.other | Stellenbosch University. Faculty of Economic and Management Sciences. Dept. of Logistics. | en_ZA |
| dc.date.accessioned | 2022-02-28T18:42:17Z | |
| dc.date.accessioned | 2022-04-29T09:23:36Z | |
| dc.date.available | 2022-02-28T18:42:17Z | |
| dc.date.available | 2022-04-29T09:23:36Z | |
| dc.date.issued | 2022-04 | |
| dc.description | Thesis (MCom)--Stellenbosch University, 2022. | en_ZA |
| dc.description.abstract | ENGLISH SUMMARY: The ramifications of South Africa’s poor road safety record extend far beyond physical- and emotional trauma by piercing a proverbial puncture of considerable consequence in the nation’s economy. Each year, road accidents impose a socio-economic burden equivalent to more than three percent of the country’s gross domestic product. As such, there is little doubt that priority should be placed on interventions that may mitigate accident risks. The research presented in this document investigated one such intervention—usage-based vehicle insurance. Two research avenues were pursued; (1) a market segment assessment survey that probed young motorists’ perceptions of usage-based insurance policies and (2) a case study analysis that explored the compulsory insurance arrangement of South Africa as well as that of some of the country’s international counterparts. The results of the survey revealed three sub-segments in the broader market segment of young drivers—each with different levels of interest in- and perceptions of usage-based insurance policies. Among the sub-segment dubbed Forerunners, respondents typically showed greater receptivity towards usage-based insurance and shared a stronger belief in its potential benefits. Those dubbed Laggards were generally more cynical towards these policies, while Non-Partisans often expressed sentiment somewhere between that of the other sub-segments. Despite most respondents regularly using insured vehicles, prior awareness of the existence of usage-based insurance was modest. Most respondents believed in the potential of usage-based insurance to encourage speed limit compliance and engender positive road safety outcomes, however, the curtailment of vehicle-kilometres travelled appeared to be a tall order for much of the sample. High levels of digital competence suggested that the segment as a whole would have little difficulty in adopting the hardware and software typically associated with modern usage-based insurance policies. Many respondents were, however, somewhat hesitant towards location monitoring—especially when fulfilled using mobile applications. Nearly half of all respondents shared an inclination towards flat-rate tariffs over variable tariffs, even when the latter would be cheaper over the long-term—a somewhat surprising stance that spanned across all three sub-segments. In the second research avenue, the perspective shifted to that of the state and the focus was broadened to explore national compulsory insurance arrangements. South Africa’s Road Accident Fund finds itself in dire need of restructuring if it is to escape its liability-ridden financial position. This, combined with the recent binning of the scheme’s proposed replacement, raises uncertainty over the state’s plans for its insurance arrangement. With an eye towards highlighting the challenges that South Africa may face if it were to adopt an alternative arrangement, this research avenue introduced the compulsory insurance arrangements of a collection of nations and considered their core challenges. The case study also explored these nations’ efforts to better reflect the user-pays principle by allowing a greater degree of risk-based tariff differentiation in their compulsory insurance arrangements. This drew attention to the diverse nature of nations’ insurance arrangements and, in doing so, exhibited that no single approach should necessarily be seen as a panacea. | en_ZA |
| dc.description.abstract | AFRIKAANSE OPSOMMING: Die gevolge van Suid-Afrika se swak padveiligheidsrekord strek veel verder as fisieke en emosionele trauma deurdat dit ’n spreekwoordelike pap band met aansienlike gevolge vir die land se ekonomie veroorsaak. Padongelukke veroorsaak elke jaar ’n sosio-ekonomiese las gelykstaande aan meer as drie persent van die land se bruto binnelandse produk. As sulks is daar min twyfel dat intervensies wat ongeluksrisiko’s kan verminder, prioriteit moet geniet. Die navorsing wat in hierdie dokument aangebied word, het een so ’n intervensie ondersoek—gebruiksgebaseerde voertuigversekering. Twee navorsingsmetodes is gevolg: (1) ’n marksegment-assesseringsopname wat jong motoriste se persepsies van gebruiksgebaseerde versekeringspolisse ondersoek het en (2) ’n gevallestudie-analise wat die verpligte versekeringsopset van Suid-Afrika, sowel as sommige van die land se internasionale eweknieë, verken het. Die resultate van die opname het drie subsegmente in die breër marksegment van jong bestuurders aan die lig gebring—elk met verskillende vlakke van belangstelling in en persepsies van gebruiksgebaseerde versekeringspolisse. In die subsegment wat die naam Voorlopers gegee is, het respondente tipies groter ontvanklikheid getoon teenoor gebruiksgebaseerde versekering en ’n sterker oortuiging gedeel ten opsigte van die potensiële voordele daarvan. Dié wat Talmers genoem is, was oor die algemeen meer sinies teenoor hierdie polisse, terwyl Onpartydiges dikwels uitdrukking gegee het aan ’n sentiment êrens tussen dié van die ander subsegmente. Ten spyte daarvan dat die meeste respondente gereeld gebruik gemaak het van versekerde voertuie, was ’n vooraf bewustheid van die bestaan van gebruiksgebaseerde versekering beperk. Die meeste respondente was oortuig van die potensiaal van gebruiksgebaseerde versekering om gehoorsaamheid aan spoedbeperkings aan te moedig en positiewe padveiligheidsuitkomste mee te bring, maar die beperking van voertuig-kilometers gery, het geblyk moeilik te wees vir ’n groot deel van die steekproef. Hoë vlakke van digitale bekwaamheid het daarop gedui dat die segment as geheel maklik die hardeware en sagteware sou kon aanneem wat tipies geassosieer word met moderne gebruiksgebaseerde versekeringspolisse. Baie respondente was egter ietwat huiwerig oor liggingskontrolering – veral wanneer dit uitgevoer word deur middel van mobiele toepassings. Byna die helfte van alle respondente het ’n voorkeur vir vaste tariewe bo wisselende tariewe getoon, selfs wanneer laasgenoemde goedkoper sou wees oor die lang termyn – ’n ietwat verrassende standpunt wat by al drie subsegmente voorgekom het. In die tweede navorsingsmetode het die perspektief verskuif na dié van die staat en is die fokus uitgebrei om nasionale verpligte versekeringsopsies te verken. Suid-Afrika se Padongelukkefonds benodig dringende herstrukturering om ’n skuldbelaaide finansiële posisie te ontsnap. Dit, tesame met die verwerping van die skema se voorgestelde vervanging, bring onsekerheid mee oor die staat se planne vir sy versekeringsopset. Met die oog daarop om die uitdagings uit te lig wat Suid-Afrika in die gesig mag staar indien die land ’n alternatiewe stelsel sou aanneem, het hierdie navorsingsmetode die verpligte versekeringsopsies van ’n aantal lande ondersoek en hulle kern-uitdagings oorweeg. Die gevallestudie verken ook hierdie lande se pogings om die gebruiker-betaal beginsel beter te reflekteer deur ’n groter mate van risiko-gebaseerde tariefdifferensiasie in hul verpligte versekeringsopsies toe te laat. Dit vestig die aandag op die diverse aard van lande se versekeringsopsies en sodoende gewys dat geen enkele benadering noodwendig gesien moet word as ’n wondermiddel nie. | af_ZA |
| dc.description.version | Masters | |
| dc.format.extent | xiv, 193 pages : illustrations, includes annexures | |
| dc.identifier.uri | http://hdl.handle.net/10019.1/124635 | |
| dc.language.iso | en_ZA | en_ZA |
| dc.publisher | Stellenbosch : Stellenbosch University | |
| dc.rights.holder | Stellenbosch University | |
| dc.subject | Traffic accidents -- South Africa | en_ZA |
| dc.subject | Motor vehicles -- Insurance -- South Africa | en_ZA |
| dc.subject | Automobile insurance -- South Africa | en_ZA |
| dc.subject | UCTD | |
| dc.title | Usage-based insurance : nudging towards responsible driving | en_ZA |
| dc.type | Thesis | en_ZA |
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