Published: April 30, 2014
Risk Technology has partnered CHIPIN to launch a dynamic pricing Usage Based Insurance (UBI) and Fleet Telematics Solution in the Netherlands, Belgium and Luxembourg. Risk Technology’s tried and tested telematics solutions has enabled CHIPIN to move quickly to market with a client-focused insurance product with the label “fairzekering” for consumers.
Utilising Risk Technology’s technically advanced patented crash detection and Cloud based driver behaviour technology, CHIPIN’s competitively priced insurance and self-install OBD device enables the driver to view a score based on their driving ability. Safe drivers will be rewarded with a ‘cashback’ payment of up to 35% of the monthly premium.
A win-win solution for both drivers and insurance companies, the self-install unit is a plug-and-play device that can be set up in minutes by any driver. It provides diagnostic, maintenance and driver performance information as well as being able to accurately detect a crash.
Chosen by CHIPIN for its technical ability, Risk Technology is providing an end-to-end solution that includes product integration ofthe OBD Device and multi-network connectivity supplied by Risk Technology’s partners, Novatel Wireless and M2M Intelligence. The solution includes a ‘white label’ customer portal, admistration portal, patented advanced crash detection function and driver scoring based on a patented algorithm that calculates a driver’s safety score centred around a set of core parameters.
The hi-tech device collects and controls critical data from the vehicle’s on-board diagnostics (OBD-II) port, which supports all five engine OBD-II protocols and securely delivers the information to the Cloud. A highly sensitive 3-axis accelerometer measures driver behaviour whilst a parallel GPS/GNSS satellite location capability, together with Risk Technology’s sophisticated patented technology, can detect and analyse any impact to the vehicle.
Risk Technology’s innovative telematics solution detects driver behaviour by using core paramenters such as vehicle speed, location and harsh breaking together with time, environmental factors and impact data necessary for UBI policy rating and other consumer telematics services. Drivers can access their personal dashboard via a PC or smartphone enabling them to view their journeys and fuel efficiency, compare their driver score with other motorists, allocate business and private mileage for expense reporting and even see when their vehicle needs servicing or an MOT.
“We support our clients with expertise and advice, not only on the core technology but also with software integration and having a single point of contact enables a fast and efficient route to market,” says Mark Packman, Managing Director at Risk Technology. “We are dedicated to providing technology that not only rewards careful driving but also helps cut fuel usage and provides motorists with cheaper insurance”.
Hans Gerritsen, CEO, Chipin, said: “We want to demonstrate that customers will benefit from UBI, with more safety, less accidents and fair, dynamic pricing. In co-operation with Risk Technology, which we chose for its advanced platform and technologies, we will deliver and expand this proposition to the Benelux market. We are looking forward to creating a better future for our clients with Risk Technology.
Source: Risk Technology