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.
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:
- Driver behaviour: Rapid acceleration, hard braking, hard cornering, and air bag deployment
- Vehicle sensor data: Oil temperature, engine performance, brake wear, and tyre pressure
- Usage data: Mileage, location, and historic riskiness of the routes used
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.
You may also be interested in…
Learn how a large US-based bank used predictive analytics and machine learning to identify and prevent insider information security threats…
StreamAnalytix Created $5 Million Annual Savings with a New Agent Monitoring System Leading Wireless & Telecom Services Provider
Requirements A leading US-based wireless and telecommunications service provider wanted to optimize call center cost by tracking the desktop activities…
Today, airlines have access to a wealth of customer data. The ability to utilize this data in real-time can lead…
An Ovum white paper for Impetus StreamAnalytix The Internet of Things (IoT) is becoming ubiquitous. More than just a curious…
Learn how you can visually design and manage Spark-based workflows by using StreamAnalytix on popular cloud platforms like AWS, Azure, and Databricks.
In this post, we will see how easy it is read data from a streaming source, apply data transformations, enrich…
Ensure successful data ingestion on the cloud: Strategies for 2021
Mar 19, 2021 | 11:00 am PT / 2:00 pm ET