Predictive Auto Insurance via smart devices

A smartphone app connected to OBD-2 port of the car, that identifies driving patterns and helps insurance companies charge a premium based on the data collected.

Project Brief

Rimac, an insurance company contacted IndiaNIC to create a  Driving Based Insurance premium solution that would study the driving patterns of the driver and record their driving potential. The data collected would be useful to the insurance company who can then calculate the premium users need to pay based on their driving patterns.  The insurance company could also identify, differentiate and reward “safe” drivers, by offering them lower premiums to appreciate the safe driving behavior, hence attracting a larger customer base. The solution also offered insights to users about savings tips to lower their premium and help them take steps for better driving.

The Problem

SmartDevice technology for insurance companies to determine insurance premium charges.

For years, Auto and Car insurance companies have been dependant on various data points of a car like mileage, health, the age to determine insurance premium charges. However, nowadays that cars are becoming increasingly popular and smartly connected with cloud and internet, it was inevitable to take advantage of this advancement. Our client wanted to have an unseen ability to access data from the connected car and outline the driver’s driving habits.  Saving a lot of time and money by adapting to a ‘new age’ insurance model.

Our Strategy

Predictive Auto Insurance is a niche market that launched in the late decade of the 2000’s with a handful of insurance agencies around the world.  Looking at the scenario nowadays, more and more people are getting connected with their SmartPhones and Smart devices. The client wanted to pack in this advancement and provide car Insurance under this model to attract the end-users and also benefit from a larger client base who would be attracted by lower premium rates.

We designed and developed an intuitive and functional iOS app that would be connected to the hardware available in the car.  Our team of business analysts and tech leads did a thorough requirement gathering of the project and made some additional suggestions of features to the client. Post-development our team personally used the app during the Q/A phase to make sure the app was functioning seamlessly.

 

Key Benefits

  • This kind of smartphone app changes standard-year-old practice followed in insurance domain, which doesn't reveal how drivers actually drive their cars.
  • It fosters drivers to monitor their pattern of driving and identify how they can earn more discounts on premium, a huge benefit for car buyers.
  • Pay as per your driving pattern (PAYDP) and Usage-based Insurance (UBI) business models are the forefront of this technology giving owners the ability to choose insurance companies before they even leave car dealers with their new car. Making our client a desirable market player while choosing insurance companies.
  • Greater effect of data analytics will make companies like Rimac market leaders, for their potential to provide insurance as well as fleet and carpooling services.
  • This product is also aimed at the young generation to learn how safe they really are while driving or what rating they can obtain and show off on social media.

A dedicated team of 10 members including Project Manager, Tech Leads, UI/UX designers, Developers, Quality Analysts collaborated with Rimac to deliver a complete digital solution.

Results

A Frost & Sullivan research shows that there is an appetite for UBI policies and is expected to reach close to 100 million drivers by 2020, dominated by Italy, UK and the US. Our client, RIMAC leveraged this technology through an iOS application developed by IndiaNIC to take charge of the market much earlier in time.

Next Project

Enterprise

Oracle Aconex