Customize your insurance based on use & driver behaviour data.
Today it’s possible to record a big amount of information on vehicles and drivers, and get real time
data to make better decisions and judge risk based on a more individual basis. This way, companies
can offer User-Based Vehicle Insurances (UBIs), with more benefits and customisation than the
traditional ones.
Traditional vehicle insurance
- Leverages statistics & general demographic data to
determine the risk factor of a particular driver
- Lack of real knowledge about the vehicle’s use
- Lack of information when analysing claims
Usage-based vehicle insurance
- Real time information
- Realistic risk assessment
- Possibility to analyse each driver as an individual
- Offer premiums based on actual risk
- Offer flexible options such as Pay-as-you-drive or
pay how you drive
- Promote a safer way of driving by Rewarding drivers
Usage-based vehicle insurance
Internet of Things (IoT) enables a new feature known as usage-based insurance (UBI). UBIs work by
installing a telematics device within the vehicles - it can be either plugged into the vehicle or
loaded as an app on the driver’s mobile – to measure the distance driven and monitor driver’s
behaviour.
In-car sensors record massive amounts of information that insurers can use to judge risk based on a
much more individual basis than ever before.
The data that can be collected includes
- Number of kms/miles a car is regularly driven
- Driver’s adherence to safe driving techniques: sudden
acceleration or braking, hard turns or collisions
- Driver’s distractions such as handling a mobile phone
while driving
- Vehicle data such as oil temperature or tire pressure
- Trip analytics and predictions
