USA: MyDrive Solutions has selected REDTAIL Telematics to power the company’s driver risk assessment solution, enabling auto insurance companies to offer usage-based policies, one of the hottest segments of the U.S. insurance industry. REDTAIL’s vehicle monitoring and reporting, combined with MyDrive’s context-senstitive analytics, provide insurance companies the exact data needed to calculate risk and offer profitable policies at competitive prices.
Using high-resolution data provided by REDTAIL’s hardware and a comprehensive set of patent-pending algorithms, the MyDrive solution enables car insurance companies to assess the actual risk presented by an individual driver, based on driving behavior and driving patterns within the road context. With an accurate assessment of a driver’s behavior, insurance companies can offer tailored policies and price that risk at rates that attract safe-driving, cost-conscious customers.
Second-by-second GPS data is just the start of the information REDTAIL delivers to MyDrive. GPS delivers location, speed and time. Accelerometers sense, record and report driving events such as jackrabbit starts, hard braking, fast cornering and sudden swerves. MyDrive knows the roads by gathering, comparing and contextualizing data. MyDrive can distinguish between a risky driver and a safe driver based on a whole series of contextualized data and does not rely on exception events.
David Kirby of MyDrive, said: “Auto insurance customers are keenly interested in usage-based policies that reward their actual driving behavior, and the MyDrive solution, powered by REDTAIL, provides insurers with both the data and the analysis needed to offer custom rates based on actual risk. No other vehicle monitoring solution offers such a powerful combination of monitoring, reporting and contextualization, offering innovative insurers a competitive advantage.”
REDTAIL CEO Dr. Colin Smithers, said: “MyDrive’s unique driver scoring solution uses GPS data to determine numerous distinct aspects of driver behavior. We are delighted to have been selected as their exclusive solution. This is a testament to the sensitivity, accuracy and reliability of our solution.