Driveway software, pinnacle to provide utilization-primarily based insurance offerings to Insurers

Driveway software and pinnacle Actuarial resources have teamed up to provide the car coverage industry a coordinated usage-based totally coverage (UBI) method that consists of driver behavior scoring. auto insurers can now leverage Driveway’s technology backed with the aid of top’s score, actuarial and regulatory steerage. The services are presented a l.  a. carte so insurers can select era, consulting, scoring personally or the coordinated bundle.

“Insurers know they need to break into utilization-primarily based coverage but some are unsure approximately the quality way to approach filings, score and product control,” stated Igor Katsman, CTO of Driveway software program. “Now, with our generation and pinnacle’s guidance, insurers can control their exposures and launch a UBI application to be able to supply a greater correct rate to the client with a higher loss result for the carrier.”

Driveway software program’s telephone app + cloud-based totally platform gets rid of the fees and capacity inefficiencies of onboard diagnostic device (OBD)-based packages. The Driveway product constantly tracks motive force conduct (consisting of time of day, garaging location, braking, cornering, rushing and mileage) using a smartphone app.

statistics is transmitted from the app to a comfortable cloud where a proprietary analytical platform procedures the records of every man or woman threat component to derive a scored end result for every chance element, in addition to an usual protection rating for each trip captured.

The Driveway app functions computerized journey detection with none user or hardware dependency, or destructive effect on smartphone battery lifestyles and overall performance. extra than 200,000 drivers have already downloaded and used the app, giving Driveway and pinnacle the opportunity to gather and examine extra than 500 million miles of using facts.

“applying top’s analytics competencies to 1/2 one thousand million miles of driving information offers insurers with a reputable foundation to include driving force behavior scores into their rating plans. The scoring is easily customizable, permitting groups to cognizance only on the behavior factors of interest to them,” said pinnacle’s principal and Consulting Actuary, Roosevelt C. Mosely Jr.

top Actuarial resources, Inc. is an independent, full-carrier actuarial company targeted at the assets and casualty insurance industry.