Drive Innovation: Levelling Up UBI Pricing with AI-Generated Driver Twin Profiles
In the ever-evolving landscape of car insurance, Technology is driving a transformative shift in tailoring offerings. At the forefront stands the Driving Performance Rating System, a powerful tool revolutionizing insurers’ ability to personalize quotes. Our cutting-edge AI-powered smart driving app, GIZO, plays a pivotal role in reshaping next-level car insurance pricing.
Understanding Diverse Driving Habits
Picture the Sunday drivers, They interpret the speed limit more as a suggestion than a strict rule, often driving at a much slower pace. While not poking fun, it’s essential to recognize that distinct driving techniques pose different risks. Should their insurance premiums mirror those with impeccable driving habits? This is precisely where the data-driven rating algorithms intervene.
In the realm of auto insurance, the current pricing model often falls short of desired personalization.
Drivers find themselves categorized based on factors like age, driving record, and location, but this may not accurately reflect individual driving abilities. Skilled drivers might fall into categories leading to higher premiums due to factors like being a novice driver or having a non-fault accident history. Over time, this misclassification poses a considerable challenge for insurers, as dissatisfied policyholders are more likely to switch providers, resulting in revenue loss.
Benefits of an Accurate Rating System
An accurate rating system is indispensable for crafting personalized quotes for policyholders. Such smart algorithms enable insurers to tailor offers based on transparent data, enhancing customer satisfaction and transparency.
- Identifying and categorizes driving events, marking them as risky if they exceed a threshold.
- Normalizing events per kilometer, accommodating variations in trip length.
- Considering contextual GPS data for each ride.
- Differentiating between urban roads, highways, and other road types.
- Adapting risk assessment based on conditions like night driving or dense traffic.
- Adjusting risk assessment for driving events based on the type of road.
Our machine learning algorithms behind GIZO
Our AI-powered smart driving app, GIZO, revolutionizes how auto insurers offer quotes. Whether users choose to engage their smartphone camera or simply leave their phone in their pocket when driving, GIZO works behind the scenes to generate an accurate driver digital twin profile utilizing over 20 AI-processed data categories.
The future of car insurance promises greater precision, efficiency, and personalized services for individual drivers.
All you need is a smartphone- Get in touch for a demo of GIZO’s game-changing telematics solution!
