Usage-based Insurance

By GK Palem December 2, 2018 #Banking, #Case study, #Finance, #Insurance

Profiling the driver behavior in real-time based on the data collected from vehicles to arrive at safety rankings and creating personalized insurance plans is a proven method of reducing the costs and rewarding the safe practices. Problem: Customer needed to be able to calculate the insurance premium based on the usage of the vehicle Methodology: Cenacle built a vehicle usage tracking platform with below features:

Vehicle journeys are analyzed using the OBD sensor data
Driver behavioral profiling is done to assess the safety ranking of the driver
Driving patterns, such as hard braking, signal jumping, riding the brakes etc. are taken into consideration to arrive at the safety ranking
The rankings are tied to the insurance premium rewarding the fuel efficiency and safe driving behaviors

Results: A software platform to analyze the vehicle usage trends and derive the driver safety rankings Cenacle Vehicle Tracking Platform

Key concepts: OBD sensor analysis, Journey analytics, M2M Telematics Domain: Automotive, Banking, Finance, Insurance

By GK Palem

A seasoned Executive with more than two decades of experience in growing software businesses and executing large-scale enterprise projects around emerging technologies. Proven track record of commercializing R&D concepts into commercial products. Connect with GK Palem if you are trying to adapt AI or Blockchain into Genomics, Computational Biology, Healthcare Informatics, Industrial Digitial Transformation, Cross-border Trade Smart Contracts or other deep-tech solutions or R&D concepts.

Usage-based Insurance

By GK Palem

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