Friday, June 14, 2024

Cambridge Mobile Telematics: Next-Generation Telematics Variables

In the past, fleets and insurers have deployed gear that instantly warns drivers of risky driving habits. The issue is the high cost of these hardware fixes. With no additional hardware needed, CMT’s new Hard Brake Alerts offer the same real-time feedback and frequency reductions. The largest telematics service provider in the world is Cambridge Mobile Telematics (CMT). Its goal is to make driving and roads across the world safer. A holistic view of vehicle and driver behavior is produced by the company’s AI-driven platform, DriveWellTM, which collects sensor data from millions of IoT devices, including smartphones, proprietary tags, connected cars, dashcams, and third-party devices. To support their risk assessment, safety, claims, and driver improvement initiatives, businesses in the personal and commercial car insurance, automotive, ridesharing, personal safety, wireless, auto retail, and financial services industries use information from CMT’s platform. With locations in Budapest, Chennai, Seattle, and Tokyo in addition to its headquarters in Cambridge, Massachusetts, CMT provide services to millions of customers through 80 programs in 18 countries, including 21 of the top 25 US car insurers.

Advanced Risk, a ground-breaking risk segmentation system that provides next-generation telematics variables, was introduced by Cambridge Mobile Telematics (CMT). Auto insurance companies employ Advanced Risk to get unique information about clients’ driving habits. Through the use of cutting-edge new factors including contextual speed, advanced distraction, compound events, and others, insurers may assess and quantify driver risk by utilizing advanced risk. Leading carriers would need years to independently create enhanced risk factors, even with devoted data scientists, actuaries, and product executives. A carrier must gather billions of miles of telematics data, extract and engineer factors from raw sensor data to calculate the riskiest occurrences, and then assess the predictive lift on claims in order to create advanced risk variables. Carriers simply need to examine the prediction ability of the new factors on their book of business when using CMT’s Advanced Risk to develop a new proprietary score. Compared to current telematics data, advanced risk factors offer a large segmentation improvement. Context-based risk factors can produce an incremental lift of over 15%, but exact lift increases will vary from carrier to carrier. Today, there are more than 50 risk factors accessible; thus, advanced risk can benefit carriers even more. Additionally, Advanced Risk offers additional advantages to customers. Carriers may target additional market groups while giving policyholders targeted behavioral feedback with finer-grained risk segmentation and improved pricing models. Consumers will have a larger selection of rates and coverage options to pick from when shopping as more insurers compete for their business.

The most sophisticated telematics system for vehicle insurance claims is DriveWell Crash & Claims from Cambridge Mobile Telematics (CMT). The efficiency and effectiveness that telematics provides for claims is finally a reality, as was largely expected. Before telematics collision data was available, insurance companies had to wait until a client called to respond to a claim. They also had to manually gather and enter the necessary data into their systems. With the support of DriveWell Crash & Claims, insurers can now provide proactive, on-demand services to their clients, giving them peace of mind and perhaps saving their lives. After a catastrophic occurrence, telematics crash data assists insurers in streamlining the claims process for their clients. Auto insurers may proactively assist clients with emergency and towing services within seconds of an accident by utilizing CMT’s AI-driven DriveWell technology to detect automobile crashes from sensor data. As soon as a collision is discovered, insurers may employ in-network service providers, which lowers the cost of each claim. Consumers enjoy real-time services like accident help, which have an average Net Promoter Score of above 80. These services help to expand proactive claims services and help insurance companies get more people to use digital services. Using AI, machine learning, IoT devices, and human-centered behavioral science, they are enhancing insurance and ridesharing. Because of this, drivers and passengers are safer, and claims are paid out faster and more accurately.

Company:
Cambridge Mobile Telematics

Management:
Bill Powers, Founder & CEO

Quote:

“Using AI, machine learning, IoT devices, and human-centered behavioral science, CMT is enhancing insurance and ridesharing.”

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