Insurance experts suggest that vehicle Usage-Based Insurance (UBI) will be based on vehicle telematics and is expected to grow to over 140 million subscribers globally by 2023.
- The UBI revolution must start with accurate and intelligent telematics that can be stored (cloud based) for evaluation when required. With this information available, and using algorithms, better pricing and personalized polices can be quickly and effectively provided to policyholders.
- The KeZ adaptor and its app will quickly provide and store data on behavioral driving which will include breaking, acceleration, distraction, speed, cornering, risky hours, trip mileage as well as VIN verification, smoking within the vehicle (tobacco or cannabis) and vehicle anti-theft devices. Other owner centric attractive functions can be included, such as key sharing, car and trunk access and battery information.
- The availability of a fully plug-n-play adaptor that can be installed within most cars manufactured since 1996, designed to work with both Android and IOS smartphones and with enhanced security including 256-bit encryption, will be required to usher in UBI.
BBI - PPM - PAD = KēZ
With all the vital information now available to insurance companies, they can become more creative and flexible in offering Behavior Based Insurance (BBI), Pay Per Mile (PPM) policies or even Pay As you Drive (PAD) insurance and be able to offer a menu of alternatives to their policyholders. Pricing will become more accurate, with good drivers (less risk) obtaining premium reductions and bad drivers (high risk) having to pay more.
Once the data is collected programs using AI can quickly provide quotations to policyholders.
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It is believed that policyholders who are intent on receiving a reduced insurance premium and who recognize that their driving performance is being monitored, are less likely to drive in a dangerous fashion and are therefore less likely to be involved in an accident. It would follow that the more BBI sold by insurance companies should reduce the number of accidents and deaths on the roads. Having accurate and recorded information available to the insurance companies, in the event of an accident, will allow for a better assessment relating to fault by the parties involved.
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