With the advancements in the field of science and technology, more and more appliances have integrated systems capable of storing and reporting streams of data. Under the field of telematics, various devices are being used to extract, store and transform information related to vehicles and their usage. The data provided by these devices also contains information regarding various aspects of the driver including the driving patterns.
Need of an hour is the unified rating for drivers that represents how good a driver is, irrespective of the device or telematics service provider (TSP). A lot of information related to driving behaviors is being tracked through in-vehicle telecommunication devices (telematics) that are usually self-installed into a special vehicle port and can be used to predict the level of risk that a driver will cause an accident in foreseeable future. Through this paper, we propose the following methodology to calculate these rating, the driver scores as it is generally called.
At Axtria we develop and recommend, separate models to predict the likelihood of a driver being involved in an at-fault accident for all the four categories above separately. The weighted average of the scores in the four categories is used to derive the final driver score.
We think driver score would help in identifying factors governing risky driving behaviour which in turn can be incorporated into various pricing models. Telematics is a disruptive technology which is rapidly gaining attention and shaping the future for service providers and insurers. In order to make this a cost effective proposition for both parties, this technology has to be embraced by a larger pool of consumers.
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