Confidential
About Usage Based Insurance (UBI) The Advantages of Usage Based Auto Insurance Usage based insurance (pay as you drive) refers to programs where premiums are determined by how safely, and how much, customers actually drive. This enables insurers to: * Attract new customers with a significant discount and differentiated services that provide advantages to consumers and businesses including cost savings, cost control & transparency. * Increase profits by improving the quality of the customer portfolio. Companies with usage based programs are able to retain low-risk drivers with compelling discounts while discouraging or adequately compensating for high-risk drivers. * Lower claims rates by enabling customers to develop safer driving behavior. * Fight the competition by putting adverse selection to work against insurers without usage based capabilities. From “When and Where” You Drive, to “How” You Drive However, the biggest opportunity lies in the ability to tie insurance premiums to actual driving style; to move on from “when and where you drive” to “how you drive.” Using telematics data, it is possible to understand not only where and when a car is being driven, but how safely – accounting for behavior such as braking, curving, lane changes, speeding, etc. This information serves as a significantly more powerful and accurate indicator of risk, and can save money for drivers, commercial vehicle operators and insurance providers alike. It provides substantial societal and environmental benefits as well, motivating safe driving behavior, greater fuel economy and reduced carbon emissions.
Technology Sensomatix Safety Scoring – Setting the Gold Standard To realize this opportunity, the industry needs a way to reliably assign drivers with Safety Scores, much the way the financial industry relies on Credit Scores. Sensomatix Safety Scoring is becoming the gold standard for the insurance industry, enabling insurers to leverage experience from other usage based programs, while maintaining their unique way of analyzing risk in-house. Usage based auto insurance programs based on driving safety introduce disruptive, yet much-needed, innovation to the industry. With Sensomatix, companies can minimize risks and be the first to market with differentiated, lucrative offerings. Driving DNA™ Predictive Risk Analysis Platform Safety Scoring services are powered by Driving DNA, the leading platform for analyzing and rating driving risk. Using sophisticated mathematical algorithms, Driving DNA evaluates a wide variety of telematics and environmental data and identifies the unique signatures that characterize driving behavior. The system then uses actuarial modeling to provide insurers with Safety Scoring – a risk index based on each individual’s driving style.
www.Sensomatix.com |
[email protected] | T: +1 (718) 576 2620
Confidential
Safety Scoring™ Services Predictive Driving Risk Analysis for Usage Based Auto Insurance Sensomatix Safety Scoring services are the power behind usage based auto insurance coverage for commercial and private customers. Safety Scoring translates real driving data into a predictive risk assessment so that insurers can offer programs based on how customers actually drive. Safety Scoring is provided as a subscription service. Data feeds and monthly reports indicate the analyzed risk level for each serviced vehicle. Safety Scoring is delivered stand-alone, or as part of a turnkey solution for usage based auto insurance. Safety Scoring can be adapted to the specific needs of an insurance company and we can assist in developing unique rating models. Insurers are using Sensomatix Safety Scoring as an integral part of their pricing and underwriting strategies. With Safety Scoring services, carriers can reduce time to market for usage based insurance programs while keeping operating costs and capital investments under control. About Sensomatix Sensomatix is a scoring bureau for the auto-insurance sector (analogous to credit bureaus). We provide Safety Scoring services to auto insurance companies, enabling them to offer Usage Based Insurance programs (UBI). UBI is becoming a major revolution in the auto insurance industry. Sensomatix empowers insurers to launch compelling programs that increase market share, retain low-risk customers, and consistently reduce loss ratios and expense ratios. Our customers include several of the top US, Latin America and European insurers in both personal and commercial lines (e.g. commercial lines Liberty Mutual Insurance1). Safety Scoring is a suite of actuarial data products and insurance analytics services. Our rating algorithms were approved by Departments of Insurance across the US. Safety Scoring is based on our Driving DNA system - mathematical signatures of driving styles. The Sensomatix team is comprised of actuarial & analytics experts.
More Information: Please contact us: Oren Steinberg, VP Sales & Marketing -
[email protected]; T: +1 (0) 718 576 2620 Please visit our web site for additional information: www.sensomatix.com
1
www.OnboardAdvisor.com
www.Sensomatix.com |
[email protected] | T: +1 (718) 576 2620
