Precision Car Telematics
Correctly assess the risk of any individual driver, based on driving behavior and driving patterns within the road and environmental context (when, where and how), and price that risk and new targeted risks to the desired profit margin.
Use predictive scoring to identify the risky drivers which you can avoid or price accordingly.
Redefine your risk classes using the aggregate driving behavior data to enhance your risk selection for customers who buy the traditional insurance policies and attract the best risks.
Improve driver’s safety by changing their driving behavior.
When drivers know their behavior is being monitored and that they are in control of the cost of their insurance policy frequency, severity of accidents is reduced thus leading to significant improvements in the loss ratio.
Offer better rates to drivers with optimum performance and maintain a portfolio of loyal and profitable customers.
By collecting data on driver behavior in near real time you can be proactive in the way you price motor insurance by rewarding safe drivers so that you avoid losing your best customers to the competition.
A UBI program with driver-specific pricing can help you increase your brand loyalty and improve customer retention, while any competitors without it will face increasing adverse selection.
Enter into the virtuous cycle of retaining your customers for longer and thus collect more and more data which can in turn be used to personalize your service and products.
