Future of insurance belongs to the brands that are providing flexible products with dynamic prices. Usage-based insurance (UBI) or pay as you drive (PAYD) is a dynamic insurance cost calculation that provides more choices and a better understanding of risk for customers. Based on the UBI solution, the insurance price is calculated based on the myriad of data such as mileage, speed, driver’s behavior, location, historic riskiness of the road, the total duration of trip, etc.
Future of insurance belongs to the brands that are providing flexible products with dynamic prices. Usage-based insurance (UBI) or pay as you drive (PAYD) is a dynamic insurance cost calculation that provides more choices and a better understanding of risk for customers. Based on the UBI solution, the insurance price is calculated based on the myriad of data such as mileage, speed, driver’s behavior, location, historic riskiness of the road, the total duration of trip, etc.
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IOT can improve the insurer’s communication network and deliver a wide range of connected car services for UBI solution insurers such as location-based information or emergency road assistance.
V2V refers to vehicle to vehicle communication between any vehicles including public transportation systems or private vehicles.these solutions have undeniable impacts on UBI and make this insurance system more efficient.
IOT is the most effective option for enhancing the accuracy and accelerates the process of gathering information dealing with UBI, like the vehicle’s mileage, location, time, speed and etc.
Property
IOT can improve the insurer’s communication network and deliver a wide range of connected car services for UBI solution insurers such as location-based information or emergency road assistance.
V2V refers to vehicle-to-vehicle communication between any vehicles including public transportation systems or private vehicles. With regards to IOT, these solutions have undeniable impacts on UBI and make this insurance system more efficient.
IOT is the most effective option for enhancing the accuracy and accelerates the process of gathering information dealing with UBI, like the vehicle’s mileage, location, time, speed and etc.
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For a better response to the flourishing market of UBI solution, the implementation of IOT and V2V connectivity is vital. SCG, by implementing UBI, has been assisting insurance companies, insurers, TSPs, and automotive industry’s customers to create a safe, reliable, flexible and efficient condition for drivers.
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Embedded Solutions: ADL Embedded Solutions based on AirPrime Modules are easily programmable, simple to use and safe standard-based wireless technologies from the range of 2G to 4G that increase your speed of access to a wide range of data and reduce total product costs for customers.
- Cloud and Connectivity Services: cloud and connectivity service of SCG provide a simple and secure method of storing, recovering and analyzing the data for creating a new chain of value for UBI and IOT users.
UBI provides valuable information about road’s condition, driver’s behavior and quality of products to the Telematics Service Providers (TSPs) and Original Equipment Manufacturers (OEMs) for enhancing driver’s safety, emergency road assistantship and other crucial car’s services.
IOT services of SCG accelerate communication and increase the quality of collected data from different sources dealing with UBI. The accuracy and reliability of collected data have a direct impact on the driver’s safety.