User Based Insurance (UBI) utilizes insurance telematics to deliver a driver/ vehicle risk behavior based on their acceleration, braking, speed, location, cornering and time of driving. Effective and transparent driving behavior data, analysis and monitoring solution enables insurers to gain mathematically sound insight into a driver’s driving behavior at all times.
Benefits of using UBI for insurance firms include:
- Improved risk profile management: Risk intelligence, risk mitigation, promotion of safer drivers under its portfolio & improved driver behavior.
- Better cost management: accelerated efficiency in the claim process, reduces payout related to fraudulent activities & o premium cost is more reflective of risk.
- Increased revenue opportunities: ability to offer and up-sell services, inclusion of social analytics campaigns & use of sophisticated incentive and loyalty programs.
