Auto insurance is undergoing a massive change. The underwriting model that’s been used for decades—assessing risk based on broad demographic characteristics like a driver’s age, gender, or credit score—is giving way to a new model assessing the risk based on data generated by individual driving behavior. New “Usage-Based Insurance” (UBI) uses telematics to track real-world driving behavior. This offers major benefits to both consumers and insurers. For drivers, it means your insurance costs are no longer dictated by the behavior of people with whom you share broad demographic attributes but little else. The assessed risk (and insurance rates) will be based entirely on how, where, and when you drive. The safer one drives, the less one pays. For insurers, UBI allows for much more accuracy (and potentially, profitability) in issuing policies and setting premiums.
CX provides the complete subsystem for the Insurers to roll out UBI features in market within a short span of time covering the legacy non-connected and the newer connected vehicles. Some of the salient features of the platform that differentiates CerebrumX solution from competitors are:
- Provide ubiquitous platform that supports UBI service to be enabled through any of the following: OBD2 Dongle, Mobile Telematics Application & Tag (optional) or Connected Car.
- Have partnerships with OEMs so that the UBI data is collected directly from connected cars thus providing an accurate and cost-effective solution.
- Supports different algorithms for PAYD, PHYD and other variations.
- Algorithms are configurable through a provider admin panel thus providing flexibility to insurtech companies.
- Supports different reports around crash analysis, driver behavior, driver coaching, FNOL, etc. through a very friendly platform API interface.
- UBI platform augments telematics data with lot of insurance contextual data like POI, weather, social media, etc. to provide enhance functionality.
In CerebrumX Platform, the customer engagement features are designed on top of driver behavior data insights and patterns that are used in combination with communication and feedback strategies, gamification mechanisms, and incentivization plans to measure and change user driving behavior over a longer period. Platform takes vehicle telematics data and turns it into actionable information to provide inputs to the end-user to improve his/her driver behavior. Platformtracks speed, routing, braking, acceleration, and idle time and provide the different insights such as below to driver to improve driving –
- Driver Training Reports: Use Telematics data to address common mistakes and encourage better driving performance. Periodic reports on users driving performance often lead to positive changes in driving behavior.
- Gamification/Incentives: With this feature, insurer can create a driving program that offers incentives for better driving and tracks performance with scorecards. No one wants to be labelled as a worst driver, so this encourages better driving.
- Alerts: provides immediate feedback related to Speeding, Harsh Breaks, Sharp Turn, Harsh acceleration and vehicle theft tracking.
CX platform is compliant to GDPR, CCPA and other regulatory processes. The anonymization and encryption of personal data is performed while stored in ADLP. Also, as part of the overall mechanism, UBI platform provides complete consent management system where as soon as the consumer withdraws the consent the data, data will be removed from CX platform as per the consent management system process.
For more information contact@cerebrumx.ai