Axtria White Paper

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Driver Score - The New Paradigm

ABSTRACT

Of late, telematics as a disruptive technology is rapidly gaining attention in shaping the future. New industries are accepting this revolution and are moving to data-backed decisions. The data provided by telematics devices contains information regarding various aspects of the driver. Some of the prominent categories are brake patterns, acceleration history, idle time, average/ top speed and night driving. What is required is the mechanism that can combine all these components of a driver’s behaviour to provide actionable insights.

A lot of information related to driving behaviors is being tracked through in-vehicle telecommunication devices (telematics). These devices are usually self-installed into a special vehicle port to predict the likelihood of a driver being involved in an at-fault accident in the foreseeable future. This paper proposes the methodology to calculate this score, the Driver Score as it is generally called.

Telematics service providers (TSPs) each have their own unique value proposition in terms of the variety of data captured and the format for provision to insurance companies. Insurers thus need to understand the critical drivers that will determine the success of UBI (Usage Based Insurance) within their businesses. This is where we think a driver score would help identify factors governing risky driving behaviour which in turn can be incorporated into various pricing models to improve effectiveness.

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