Case Studies Transforming insurance pricing while improving driver safety

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	Transforming insurance pricing while improving driver safety

Transforming insurance pricing while improving driver safety

Technology Category	Analytics & Modeling - Real Time Analytics Functional Applications - Remote Monitoring & Control Systems Sensors - Camera / Video Systems
Applicable Industries	Finance & Insurance
Applicable Functions	Logistics & Transportation
Use Cases	Driver Performance Monitoring Usage-Based Insurance
Challenge	The Internet of Things (IoT) is revolutionizing the car insurance industry on a scale not seen since the introduction of the car itself. For decades, premiums have been calculated using proxy-based risk assessment models and historical data. Today, a growing number of innovative companies such as Quebec-based Industrielle Alliance are moving to usage-based insurance (UBI) models, driven by the advancement of telematics technologies and smart tracking devices. Read More
About Customer	A usage-based insurance solution provider Read More
Customer Name	Baseline Telematics Read More
Solution	Industrielle Alliance partners with Baseline Telematics, a leading developer of insurance telematics solutions, to help transform the way they price and sell car insurance and design innovative programs to help improve driver safety. A connected device inside the car collects information about driver behavior and driving patterns, which can be viewed in real time via a private portal or through weekly email updates. Read More Log in to view content
Data Collected	Driver Behaviour, Driver Performance Scores, Driving Patterns, Insurance Claims, Vehicle Status Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Real Time Analytics

Functional Applications - Remote Monitoring & Control Systems

Sensors - Camera / Video Systems

Applicable Industries

Finance & Insurance

Applicable Functions

Logistics & Transportation

Use Cases

Driver Performance Monitoring

Usage-Based Insurance

Challenge

The Internet of Things (IoT) is revolutionizing the car insurance industry on a scale not seen since the introduction of the car itself. For decades, premiums have been calculated using proxy-based risk assessment models and historical data. Today, a growing number of innovative companies such as Quebec-based Industrielle Alliance are moving to usage-based insurance (UBI) models, driven by the advancement of telematics technologies and smart tracking devices.

About Customer

A usage-based insurance solution provider

Customer Name

Baseline Telematics

Solution

Industrielle Alliance partners with Baseline Telematics, a leading developer of insurance telematics solutions, to help transform the way they price and sell car insurance and design innovative programs to help improve driver safety. A connected device inside the car collects information about driver behavior and driving patterns, which can be viewed in real time via a private portal or through weekly email updates.

Data Collected

Driver Behaviour, Driver Performance Scores, Driving Patterns, Insurance Claims, Vehicle Status

Impact #1	[Product Improvement - User Acceptance] Improved reception of UBI program for both parents and young drivers
Impact #2	[Product Improvement - Brand Image] Enabled Industrielle Alliance to become a thought leader in how they approached insurance and driver safety.
Impact #3	[Product Improvement - Flexibility] Allow for Baseline to scale and support new customers from automation

Impact #1

[Product Improvement - User Acceptance]
Improved reception of UBI program for both parents and young drivers

Impact #2

[Product Improvement - Brand Image]
Enabled Industrielle Alliance to become a thought leader in how they approached insurance and driver safety.

Impact #3

[Product Improvement - Flexibility]
Allow for Baseline to scale and support new customers from automation

Benefit #1	Three-quarters of all participating drivers changed their behavior and were able to see the reduction of their monthly insurance premiums.

Benefit #1

Three-quarters of all participating drivers changed their behavior and were able to see the reduction of their monthly insurance premiums.

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Overview

Transforming insurance pricing while improving driver safety

Operational Impact

Quantitative Benefit