With the help of a connected “dynamic drive recorder” insurance companies can now assess the actual risk of individual drivers and price that risk accordingly.
MyDrive Solutions offers advanced risk management solutions for automotive insurers. The company has signed an agreement with Telenor Connexion, the leading provider of premium M2M solutions, to supply global connectivity for its unique insurance telematics solution MyDrive Dynamic.
This new solution enables motor insurance companies to use driving behavioural data to assess the risk presented by individual drivers, and price motor insurance premiums accordingly.
MyDrive is unique in the way it matches GPS data from drivers – taking a snapshot every second – to the underlying map of the road. A connected “Dynamic Drive Recorder (DDR)” placed in the car collects vast amounts of data and transmits it back to the insurer’s data systems. The solution not only measures whether the driver was on a three-lane motorway or country road, but also whether he or she was approaching a junction or navigating a tight corner. Understanding the context of a driver’s actions shows how safe an individual’s driving style is, thus enabling the insurance company to assess the actual risk very easily and very accurately and price that risk accordingly.
The embedded connectivity solution provided by Telenor Connexion is a premium M2M solution with an integrated eSIM allowing for MyDrive’s insurance solution to be marketed and actually deployed globally from the outset. Telenor Connexion provides a real time managed solution giving MyDrive unrivalled visibility to the connectivity of their devices wherever the may be in the world.
“Predominantely we choose Telenor Connexion due to the company’s deep expertise in M2M. Their experience of machine-to-machine and particularly in the telematics field is unrivalled. The flexibility, both technical and commercial, and the integration capabilities together with the Service Portal offered made them the obvious choice for this business and life critical solution”, says Linden Holliday, CEO at MyDrive Solutions.
“MyDrive brings an innovative and entirely unique solution to the insurance sector. With its behavior-based system, which provides a more accurate way of assessing risk, MyDrive is way ahead of the market. Insurance telematics will change the industry for good and we are excited to be part of this exciting development”, says Dean Woods, Head of Region UK and Ireland at Telenor Connexion.
Whilst most other companies rely on 30-second snapshots of a car’s progress, along with registering any exceptionally high levels of braking or acceleration, MyDrive analyses every single second of the driver’s journey. Combined with GPS data, the solution contextualises every decision each driver makes by mapping it to the road network, thus providing a far more accurate picture.
For more information, please contact:
Will Gardiner, itpr
email@example.com, +44 1932 578 800
Kristina Grandin, PR and Communications, Telenor Connexion
firstname.lastname@example.org, +46 734 25 26 21
About MyDrive Solutions
MyDrive is a rapidly growing company providing the ability to understand the skill levels of a car driver in undertaking the extremely complex task of driving a car on the UK’s congested road network. We monitor driving behaviour on a second-by-second basis, and deploy industry leading analysis to determine exactly how capable the driver is, in real time, and on an ongoing basis. Importantly, we have a European patent (pending), protecting our unique ability to contextualise individual behaviour to the road network. In short, this allows us to understand the road topography that the driver is interacting with, and therefore to understand what the driver should be doing at all points on the road, to determine the appropriateness of their driving (e.g. is the driver approaching a road junction at too high a speed, or cornering at an inappropriate speed?)This information can be utilized in many ways, from self-improvement to achieve better fuel efficiency, to proving driving capability, and therefore risk profile, to an insurance company, to a parent ensuring that their child is driving in a safe and sensible manner.
Our key focus is the insurance industry. Until now, insurers have been forced to consider risk on the basis of proxies for behaviour, since it has hitherto been impossible to actually observe behaviour. There is statistical validity in using such proxies, but this is based on averaging a pool of drivers; there are many drivers who share the pooled characteristics (occupation, age, marital status etc) but who do drive in a different manner to that pool. Our capability allows the insurer to largely ignore the “old proxies”, and focus instead on what is really important, which is how the driver drives, not how the statistics suggest he ought to drive. www.mydrivesolutions.com
About Telenor Connexion
Telenor Connexion is the leading provider of premium M2M solutions for business and life critical applications, regardless of the vertical market. Building on more than 10 years of M2M experience, Telenor Connexion provides customers with tools that allow for full control of status, location and performance of their connected devices. Telenor Connexion has provided reliable, international M2M solutions to a number of global customers such as Volvo, Nissan, Daimler, TomTom, Omron, Scania, Qualcomm Enterprise Services, Hitachi and Securitas. The company was established in 2008 and originates from the successful M2M business within Telenor Sweden. Telenor Connexion is wholly owned by Telenor Group, one of the world’s major mobile operators.
For more information please visit www.telenorconnexion.com