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 protected], +44 1932 578 800
Kristina Grandin, PR and Communications, Telenor Connexion
[email protected], +46 734 25 26 21