Telematics systems solution
Individuals looking for affordable insurance premiums to safe drivers
The client wanted to create a new insurance product to better cater to their policyholders and fuel the company’s growth. Our client was aware of usage-based products built on insurance telematics technology. They needed to introduce differentiated insurance premiums to distinct customer groups with the possibility to tailor their offerings to particular groups.
Choose an appropriate & affordable device that any user could easily install in the vehicle to transmit data to the carrier
Create an overall risk score for drivers sourced across insurers’ traditional criteria and combined with the telematics data
Implement solution for tracked data effective management and delivering actionable features to the drivers
Develop an application as added services based on the data provided by the client
ApexTech team addressed the requirements of the motor insurance company with an advanced vehicle telematics solution. Our system applies big data analytics to mine business insights for safety incidents, driver behavior, accident rate. An intuitive dashboard provides a full picture of individual users and user segments, their habits, and behavior. Advanced data processing and near real-time visibility into performance indicators, such as speed, mileage, braking, and acceleration, help our client improve pricing and profitability. The driver application with simplified, automated communication and one-click purchasing features increases the effectiveness of the client’s network, resulting in higher revenue. Our telematics system solution enabled our client to create several (UBI) usage-based insurance programs, in particular pay-as-you-drive (PAYD) and pay-how-you-drive (PHYD) insurance mechanisms, as well as, offer theft protection & crash detection services.
Everything from capturing user behavior up to policy issuing and claims reporting.
Smarter acquisition & retention
Data-driven UBI program targets and attracts drivers with pricing based on how they drive
Better pricing for auto insurance customers
Lower operating & claims-related costs, reduced fuel consumption & accident rate
The opportunity to develop unique, cutting-edge solutions to lead the digital telematics market
What we did
We chose an OBDII device that can be easily self-installed in cars, thus removing the need for an external installation network. This IoT device allows collecting and transmitting vehicle data securely to a server through a cellular or Bluetooth connection. Self-installation improved the customer relationship and reduced bureaucracy.
Upon discussions with our client, we agreed on the parameters for assessing drivers’ behavior:
- Fuel consumption
- Frequency of cornering & hard breaking
- Occasions of acceleration
- Number of trips
- Overall score
These metrics were thoroughly defined, and the analysis technique was particularly fine-tuned and precise. For instance, cornering measurements eliminated false alerts from a speed bump. Also, speed limit zones were checked twice against known data and GPS locators.
Our experts built a user-friendly mobile application for Android and IOS platforms to provide drivers with relevant information and online services. Policyholders can view their scores on each metric and total score of their driving, obtain feedback on their driving behavior, automated claim submission & assistance in case of a road accident. With the monthly insurance fee based on the amount driven, customers benefit from a transparent and more accurate pricing policy.
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