Real-Time Driver Profiling & Risk Assessment for Usage-based Insurance with StreamAnalytix

Case Study

Real-Time Driver Profiling & Risk Assessment for Usage-based Insurance with StreamAnalytix

To keep up with the new digital consumer and remain competitive, the auto insurance industry is increasingly investing in connected car solutions to offer simplified, transparent, and flexible products and pricing options.

A leading auto insurance provider chose StreamAnalytix to ingest, transform, enrich, analyze and store automotive telematics data in real-time to build an end-to-end analytics application for driver profiling and individual risk assessment, and subsequently offer dynamic, usage based, plans to its customers.

Solution

The auto insurance company was using a telematics device to capture and transmit vehicle performance, usage, and driver behavior data from various sensors in the car.

StreamAnalytix enabled real-time ingestion of this sensor data using an AWS (Amazon Web Services) IoT gateway. Some solution highlights:

  • Enabled capturing of data points such as:
    1. Driver behaviour: Rapid acceleration, hard braking, hard cornering, and air bag deployment
    2. Vehicle sensor data: Oil temperature, engine performance, brake wear, and tyre pressure
    3. Usage data: Mileage, location, and historic riskiness of the routes used
  • Data processing: In-memory data transformation, data blending and data enrichment is performed as driver behavior, usage, and vehicle data arrives
  • Automated risk analysis through machine learning to assess and predict individual risk scores
  • Smart alerting to flag risks based on altered behavior patterns as well as anomalies in vehicle performance

Results

The end-to-end, real-time analytics application for driver profiling and risk assessment enabled the auto insurer to offer data-driven, and highly personalized, insurance policies, and pricing plans based on:

  • Individual scores: Lower insurance premiums for safe or infrequent drivers
  • Vehicle type and make: Data shows that people with a lower risk profile inherently choose certain types of cars
  • Geography: Certain geographies have more favorable weather and better driving conditions, leading to lower risk and lower premiums

Additionally, the insurance giant now also offers predictive maintenance services that prevent vehicle breakdowns and repairs.


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