Insurance carriers are all racing to implement pay-as-you-drive insurance models to provide competitive differentiation and meet customer demand. Solution providers are providing these insurance carriers with low-risk offers based on the amount of hardware units that their drivers agree to install in their vehicles.
With the Axeda Platform, leading system integrators, such as Walsh Vision, are providing end-to-end, usage-based insurance solutions to insurance carriers that, in turn, are rewarding their customers with lower premiums for good driving behavior.
In just seven days, Walsh Vision delivered a usage-based insurance application that enables one of the world’s leading insurance companies to track speeds, idling time, parking location, distances traveled, hard stops, and more. Drivers that participate in the usage-based insurance initiative can also review their activity in a visual dashboard (see below). As a result, Walsh Vision can now:
- Get solutions to market faster with solutions tailored per insurance carrier
- Provide the scalability and performance to support thousands of connected vehicles
- Explore additional emerging markets for digital signage, telematics, and fleet management
The technology behind usage-based insurance solutions involves a hardware unit (cellular modem), a trusted network (carrier), and software (the Axeda Platform). The cellular modem easily connects to the on-board diagnostics unit of most any vehicle. The hardware collects data particularly important for the insurance carrier, such as speeds, idling time, parking location, and distances traveled. This data is sent over a cellular network to the Axeda Platform, which is stored securely in the cloud and presented via a Rich Internet Application.
The Axeda Platform also provides the scalability required as hundreds of thousands of these hardware devices communicate this data over the network. Both the insurance carrier and the drivers participating in the program can view all of this data. The insurance carrier can use this data to monitor driver behavior and provide rates accordingly. Drivers can also use this data to drive more safely, knowing that their rates may increase if they speed, travel in high-risk theft areas, etc.
