Trieste-based Generali Group announced that it has acquired MyDrive Solutions, a UK company that uses data analytics tools to profile driving behavior.
MyDrive Solutions, which was founded in 2010, specializes in identifying innovative and tailor-made products for customers as well as favorable premiums for low risk drivers.
Generali said the acquisition of London-based MyDrive will provide the group with a center of excellence in data analysis, creating the base for a group telematics and big data hub. The new hub, which now specializes in motor, will expand data analysis activities to a vast series of sectors – from fraud prevention to sophisticated customer segmentation.
Know-how developed in the hub will serve all General segments and business units, enabling the company to enhance its operating platform by exploiting the power of data analytics, the company said in a statement. The aim is to develop innovative, smart products, tailored to the customers’ specific needs, Generali said.
“The acquisition of MyDrive is an important step in implementing the new Generali Group strategy focused on customer centricity and wide use of new technologies and data analytics tools,” said Valter Trevisani, head of Group Insurance & Reinsurance.
“MyDrive is a center of excellence in behavioral profiling: we are developing many projects in the field of telematics and, thanks to these new skills which the Group is now acquiring, we aim to become the best insurance choice for connectivity and innovation. The decision to build on such a young company, moreover demonstrates the group’s willingness to invest in talent and excellence,” Trevisani continued.
Linden Holliday, CEO of MyDrive Solutions, said: “The MyDrive team is excited and proud to join Generali. As a start-up we have developed world leading expertise in data analytics and software engineering to provide robust granular data profiling of drivers. Now in combination with Generali’s leadership in insurance telematics, we can rapidly bring new levels of innovation, operational efficiency and performance to other areas such as smart homes and health, creating exciting new products.”
MyDrive uses customer data gathered from technology, such as black boxes or smartphones, to formulate predictive algorithms and to define behavioral scores, i.e. assessments of users’ behaviors, enabling those who choose new products to receive customized commercial offers.
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