Published on August 1st, 2015 | by Diogo Costa0
Improving Car Insurance With the Driveway App
Big data has a revolutionary potential, as it has been seen here on Techno FAQ. Almost all areas of knowledge and business are betting on it, which is a clear indication that the future lies among its path. With the potential to improve efficiency and produce better results, it comes as no surprise that a business like car insurance companies are also investing on big data.
Driveway is an iOS and Android app designed to reward safe driving. That app, paired with powerful cloud analytics, automatically and objectively scores driver behavior. For insurance companies, the platform yields increased profits by attracting safer drivers who are segmented and priced more efficiently based on individually measured risk profiles. For consumers, the platform offers transparent, personalized pricing and suggestions, helping over 80% of them to earn rewards for being safer drivers.
Its technology is now six years in its development life cycle, designed by a top tier team with solid experience in usage based insurance, telematics and engaging consumer interfaces. It has just recently closed a $10 million funding round led by Ervington Investments, representing prominent Russian businessman Roman Abramovich.
These funds will be used to further strengthen Driveway’s position as the best in class telematics solution, create new markets for telematics solutions and grow the company’s team by attracting the smartest minds in the industry.
Igor Katsman, founder of Driveway, said: “Since we launched five years ago, our smartphone app, Drivewise.ly, has collected over 500,000,000 miles and rewarded more than 250,000 drivers. In that time, we have worked with many great companies such as Pinnacle Actuarial Resources, AmWins and Deloitte to make roads safer and help drivers save money on gas and auto-insurance.”
Regarding this new funding, he said that “it is a recognition that mobile telematics is becoming a ubiquitous part of our everyday lives. Our state-of-the-art technology has removed the barriers that existed with legacy telematics solutions. Customers can be engaged like never before, with resulting big data yielding unprecedented levels of actionable insights.”
Featured image credits: Full Coverage Auto Insurance licensed under CC-BY 4.0.