Insurers: Driveway smartphone telematics is your cost-effective UBI solution

What do auto insurers want? To grow market share, attract new policyholders, retain the best drivers and drive down loss ratios, of course. Remarkably, Driveway smartphone telematics can help with each of these objectives. And even more surprising – our simple, scalable end-to-end platform allows you to go from zero to usage based insurance roll out in just 90 days.

Grow market share: With smartphone telematics technology, the usage based insurance sandbox is no longer reserved for large carriers with big budgets. Small and regional carriers can now afford to get into the game, and according to consumer research they probably should. It’s time to close the UBI gap!

Attract new policyholders: In a 2013 Towers Watson survey, 79 percent of respondents indicated they would either buy a usage based insurance (UBI) policy or consider the concept, and if insurers would guarantee drivers’ premiums would not rise, that percentage increased to 89 percent. Interest in UBI programs was highest among drivers under age 34.

Retain the best drivers: With Driveway, you finally know the exact mileage your policyholders are driving, if the actual garaging address is the same as that listed on the insurance application and exactly what your customer is doing behind the wheel. This gives you the intelligence to sharpen pricing and underwriting so the rate charged reflects the risk insured, and your best drivers are not cannibalized by your competitors.

Drive down loss ratios: The Driveway app is like a friendly driving companion – able to observe what happens in the car, and provide transparent feedback. For the first time, the driver can understand exactly what factors will be used to determine insurance rates. And thanks to Driveway’s proprietary Driver Signature, passenger travel is never confused with driver travel. Notably, 60 percent of those interested in usage based insurance programs said they would be willing to change their driving behavior. This was highest among younger drivers (76%), who represent the largest risk segment.