Usage-Based Insurance Online reporting of driver behavior to insurance companies enables the implementation of usage-based insurance (UBI) and “pay as you drive (PAYD)” plans. Usage-Based Insurance (UBI), which is also known as Pay As You Drive (PAYD) or Pay How You Drive (PHYD), is vehicle insurance where the cost is dependent on the type of vehicle used, measured against time, distance, driving behavior and location. Insurance companies can increase the value of their portfolios and at the same time help their insured fleets and fleet drivers improve their own performance. Many of the insurance costs – and liabilities stemming from accidents – are often down to 3-5% of drivers in large fleets.
Our Usage-Based Insurances Solution We were contacted by the IBM company UBI Technologies, which promotes insurance telematics in Europe. Based on the world leader technology, UBI has created a high-quality service that allows, due to the many parameters, analyze the quality and safety of driving and even reduce When the car owner insures his car, the insurance company can offer a significant discount on the policy, provided that the client installs telematics on the car and drives carefully and safely. While driving, the telematics device collects detailed information about driving habits (Acceleration, Deceleration, Sharp turn, Quick lane change, Crash) and sends to the server where the main magic is happening. The system analyses the driving style according to the specified parameters, uates the driver and sets a rating, taking into account which discount on the insurance policy the driver receives. If an accident occurs, the system will instantly transfer information to the call center of the insurance company along with a full report of what happened.
About the main functions UBI has offered to work together on a new generation of telematic devices that would be convenient for installation in the engine compartment and introduce a package of necessary functions for the telematics market:
Reconstruction of an accident.
“Enduring strength”, so that the device has time to send signals about what happened even with severe accidents;
Notification receiving in case of car evacuation;
To send a notification that the battery will be running out soon (this is very important for the northern regions);
To develop these functions, it was necessary to rethink the concept of the device and develop a different approach. We made the device miniature and very easy to install. The plastic was selected especially durable, the devices learned to withstand the strongest impacts. Particular attention from the elemental base was given to the choice of an accelerometer and a gyroscope. It is also important that upon impact, the device always has time to transmit a signal about an accident and a data dump ten seconds before and after the accident.
Benefits for Insurers
Improves risk management
Reduces losing portfolios
Lowers claims losses
Reduces claims handling costs and time management
Enhances insights and understanding of customers
Increases customer satisfaction and retention loyalty
PCL TECHNOLOGY CO., LIMITED ICP 2021010888 Telephone:86-0755-36977858 Address:Building D, Floor 13E, HuiLongDa Industrial Park, ShiYan Street, BaoAn District, Shenzhen, China
