San Francisco-based , a provider of smartphone-based telematics products for the usage-based insurance market, has introduced its SmartUBI Platform, a complete insurance telematics platform which includes a smartphone usage-based insurance (UBI) application, and cloud based analytics and portals.
Driveway’s SmartUBI Platform offers carriers looking to enter the usage-based insurance market a cheaper and quicker deployment option, offering access to telematics for any size carrier.
Driveway Software leverages the insured’s own smartphone to monitor driving behavior and capture data. With the insured’s driving data and preliminary analytics in hand, combined with SmartUBI’s cloud-based analytics capabilities, carriers can determine individual driver risk scores to make risk and premium decisions.
Before Driveway, carriers looking to offer usage-based (AKA telematics-based) insurance products relied on proprietary devices installed in each insured vehicle, with only the largest carriers able to afford the technology investment and ongoing maintenance.
CTO of Driveway Software, Igor Katsman says there are curreently 150 million smartphones now in use and some industry analysts report that 75 percent of carriers believe that UBI will fundamentally alter the auto insurance industry.
According to telematics industry consultant and president of Kairos Solutions, Dave Huber, “Similar to the adoption cycle of credit-based insurance scoring, risk scoring using telematics is today’s competitive advantage for the early adopter auto carriers and will quickly become a necessity for every carrier to remain competitive in the auto insurance market.”
The SmartUBI Platform and capabilities include:
- Customized smartphone UBI app for the collection of driver data;
- Includes driving visualization, driver feedback, gamification and social layer
- Preliminary analysis within the app to produce a driving score with guidelines customized for each carrier;
- Driving data uploaded to Driveway’s SmartUBI cloud servers for a more detailed analysis against a broader data set; and
- Driving data, including scores, transferred from cloud servers to carrier’s system via SmartUBI’s carrier portal for use in underwriting, pricing, rewards, incentives, pay-as-you-go billing, etc.