Swedish insurance firm Paydrive has teamed with Cambridge Mobile Telematics to upgrade its pricing engine with the addition of driving intelligence.
According to Coverager, Paydrive will leverage driving data and rating insights from CMT’s DriveWell platform, which currently powers over 80 telematics-based programs in 20 countries globally.
These data streams from CMT’s Tag Internet-of-Things device will enable Paydrive to further optimise pricing due to offering ‘the most accurate mileage and driving behaviour data’ alongside traditional pricing parameters.
The DriveWell platform uses smartphone sensors to measure certain risky driving actions such as sharp turns, phone distraction, hard breaking and speeding, which subsequently provides more than 70 insurers globally with driving intelligence and advanced risk assessment.
Paydrive intends to launch the new service in the spring of 2022, and will be available in Paydrive’s hybrid distance and behaviour-based insurance product.
Paydrive AB CEO Carl Johan Thorsell said, “We have tested lots of solutions that combine smartphone apps and tags of various kinds, but none come close to Cambridge Mobile Telematics’ quality and performance. In combination with new cars’ direct connections, this improves ease of use, reduces cost and enables us to reach even more car insurance customers.”
CMT SVP of business development and partnerships Ben Bowne added, “We are delighted to work with Paydrive on this unique hybrid model and will wholeheartedly support its expansion in and outside Sweden. Their dynamic QOTA algorithm, which is optimized quarterly, enables great pricing accuracy and fairness.”
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