Signing of Memorandum of Understanding (MoU) Between Palestine Insurance Company (PIC) and Naviatx CO.

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Press Release

Signing of Memorandum of Understanding (MoU) Between Palestine Insurance Company (PIC) and Naviatx CO.

For The Use Maslak Safe-Driving Mobile App

Palestine Insurance Company (PIC) and Naviatx Co. agreed to build cooperation by signing a memorandum of understanding (MoU) to pilot Palestine’s first smart mobility solution, Maslak, as part of PIC’s strategic move towards insurance technology (insurtech) adoption. The MoU signing took place at PIC headquarter in Al-Bireh

This MoU was signed by General Manager Assistant of PIC Mr. Wael Khalil and CEO of Naviatx Mr. Hamzeh Ghosheh. The MoU is a form of mutual interaction and strengthens the relationship between PIC and Naviatx at the strategic and working level, particularly in predictive analytics and Usage-Based Insurance (UBI).

Naviatx Co. is a pioneer insurance telematics and driving behavioral analytics company. Following an end-user-centric approach, the company built MENA’s first smartphone solution, Maslak, that provides a social-oriented Behavioral-Based insurance (BBI) platform for motor insurance companies and fleet owners to create motivated Safe and Eco Drivers offering financial incentives and Awards by leveraging the telematics technology.

Using sophisticated algorithms, Maslak collects driving data like speed, acceleration, cornering, phone usage, and other variables to accurately calculate driving scores. These scores are shared with insurance companies to reward and maintain safe drivers which eventually increases their profit margins.

The MoU coverage is focused on the fields of, among others, internal platform testing, real-time telematics data collection and analysis, actuarial weightage and pricing, introducing usage-based insurance and new innovative insurance packages, and most importantly, gaining access to the granular understanding of their driver’s on-the-road driving behavior and risk level to proactively reduce their loss ratio and lower the frequency and magnitude of policyholder accidents –and as  a result- compensation costs.

Palestine Insurance Company was established in 1994 as a private limited shareholding company. The purpose of its establishment was to carry out insurance and reinsurance activities of all types; such as insurance against fire, theft, general accidents, marine and air cargo insurance, and motor insurance.