MyDrive Solutions, a company known for its specialty in insurance telematics, has announced its latest technology release to allow insurers to better gauge an individual driver’s risk and therefore set the premiums for coverage accordingly.
The company’s launch involves an insurance smart box, which has now been brought to market, called MyDrive Dynamic, which will give auto insurers the ability to collect and use a driver’s behavioral data using the very latest in data capture technology. This can then be used to better understand a driver’s unique risk so that his or her insurance premiums can be set much more accurately.
MyDrive Solutions has created this technology to add to its current offering of sophisticated insurance telematic products, in order to respond to the increasing costs seen by insured drivers, especially in the age group from 17 to 25 years old.
MyDrive Dynamic works by using an insurance smart box which is installed into the vehicle. It collects data which is then stored in the Cloud, so that insurance companies will have more direct access to a driver’s own driving behaviors and abilities. The results of the collected data and analysis are then available to be accessed by the driver through an online portal.
This technology is the result of a full year of research and creation by MyDrive Solutions, in order to create a strong and reliable insurance risk assessment capability. It is expected to be used to reward safe drivers with lower premiums. The MyDrive Dynamics technology is considered to be the first of its kind in the insurance telematics marketplace, as it provides an extremely detailed image of the driver’s style, whereas previous technologies have offered only very specific snapshots.
