Cambridge Mobile Telematics has announced the release of Advanced Risk, a new solution that allows insurers to analyse and measure driver risk using such new variables as contextual speed, advanced distraction and compound events.
To build advanced risk variables, a carrier needs to collect billions of miles of telematics data, extract and engineer variables from raw sensor data to compute the riskiest events, and then evaluate the predictive lift on claims.
With CMT’s new tool, carriers need only analyse the predictive power of the new variables on their book of business to create a new proprietary score.
“Auto insurers know that driving data is the new competitive advantage. Every top insurer in the US has a telematics program today that utilises variables like harsh braking and phone distraction to assess a driver’s risk and develop customised pricing algorithms. Carriers refine their pricing algorithms over countless iterations by investigating and incorporating new variables to match rate to risk,” said Lakshmi Shalini, VP of Risk & Insurance Analytics for CMT.
“With Advanced Risk, carriers have access to new driving data and analytics to refine their custom scores and sustain a competitive advantage in a rapidly evolving marketplace.”
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