Automotive accidents and injuries, along with insurance claims and payouts, are constantly growing. According to the WHO, 1.35 million people die each year on the world’s road, costing countries some 3% of their GDP. And the cost to insurers in liability and physical damage claims? Over $158 billion in the US alone.
At the same time, insurers face a hyper-competitive market. Today, it’s easier than ever for consumers to compare policies and choose their preferred terms. Yet insurers are challenged to offer competitive and profitable usage-based insurance policies. The reason? They lack accurate, detailed, environmentally contextual, and real-time in-vehicle data and insights.
Time for next-generation models: Real-time data and cloud-based insights
For over a decade, insurers, fleet managers and automakers have been gathering and analyzing vehicle-level data. Aftermarket telematics solutions like OBD II and Black Box, as well as smartphone and SDK solutions, enabled insurers to offer first-generation Pay As You Drive (PAYD) and Pay How You Drive (PHYD) insurance models.
Yet today’s connected vehicles have OEM-embedded software that powers multiple sensors and telematics. These solutions capture far more and far richer datasets, with a far lower risk of tampering. And this has enabled the creation of a whole new generation of responsive Manage How You Drive (MHYD) insurance models. These models leverage real-time data and cloud-based insights to lower risk, premiums and payouts by automatically monitoring and responding to real-time vehicle activity and environment.
The MHYD revolution: raising satisfaction, lowering attrition, incentivizing safer driving
Tactile Mobility leverages existing onboard sensors to continuously and automatically monitor a wide range of vehicle, environmental, and driver behavior parameters. Our software-only AI-based solution ingests, fuses and analyzes vehicle-level and fleet-level data – delivering both in-vehicle indications and cloud-based analytics insights.
By taking into account physical and functional road conditions, vehicle dynamics and health, and driving style in all conditions, Tactile Mobility can:
- Analyze how the driver adjusts to different road and vehicle conditions
- Predict accumulated risk from roads, weather, vehicle, and driver
- Identify and alert of real-time risks by correlating road and vehicle conditions
Tactile Mobility enables a revolution in MHYD – empowering insurers to offer robust, personalized risk-prediction models that attract low-risk drivers and mitigate high-risk drivers. With Tactile Mobility, insurers can offer data-driven, personalized value-added services that raise satisfaction, lower attrition and incentivize safer driving.
Tactile insights: empowering insurance stakeholders
For Underwriters – precision individual risk profiling
With Tactile Mobility, underwriters use actual data on vehicle, driving style, driver skill and road conditions to evaluate risk.
For Insurers and Government – real-time risk reduction
Tactile Mobility alerts drivers in real-time to risks about weather, road conditions, and surface hazards – reduce driving risk on-the-go.
For Investigators – next-generation accident reconstruction
Tactile Mobility enables investigators to use data on car, driving, and road conditions to support data-driven accident reconstruction.