The Problem:Insurance companies charge most customers similar rates because they lack accurate data on asset status and driver behavior. Ideally, insurance premiums would be tailored based on driver behavior. Now that technology has made it possible to track an asset, location, driving behavior and more, insurance can be customized for each user.
Phase I:Deployed speed, location, direction and engine on/off sensors on all vehicles: During the first month of installation, these sensors provided a complete picture of driver behavior patterns. Once the system has compiled enough data, drivers and vehicles were graded for insurance purposes. The new data-based policy was based on truck routes, driver quality and working hours. The new policy was a win-win for both the insurance company and the fleet. The fleet reduced cost, while the insurance company reduced risk, enabling them to competitively price their insurance product.
Phase II:Data collected is utilized to provide theft alerts: With basic monitoring in place, the IoT platform can easily identify abnormalities and add live-theft alerts as a service. It is also possible to prevent theft by allowing users with the correct permissions, who receive the alert, to shut down the engine remotely.
Phase III:Provide bullet-proof accident analysis by adding accelerometers. These additional sensors will add critical details in case of an accident and will help the insurance company provide a foolproof assessment of cause, saving time and money on incident investigation and reports and increasing accuracy.
Phase IV:Implement a geofence per vehicle and receive alerts when a vehicle goes off the grid: This will prevent unauthorized use of trucks and will reduce gas and maintenance costs for the fleet.
- Reduced costs
Lower insurance premiums by taking advantage of personalized asset and driver tracking. Providing full cause and responsibility information in case of an accident can also prevent insurance premium changes.
- Improved asset protection and management
Protect your truck fleet by providing alerts or even preventing truck theft. You can also provide alerts on trucks driving outside of a pre-defined geo, thereby reducing unauthorized truck use and associated costs.
- Start small and scale fast
The initial project was well defined and the fleet could easily demonstrate a positive ROI, enabling them to get budget and resource approval easily. The actual set-up and configuration did not use up engineering resources and took just a few days to deploy on the platform.
- A single app can provide dashboards, alerts and data to multiple stakeholders
In this case the insurance company got access to a set of data and features, while the fleet had access to a different set of features and alerts. However, both applications rely on the same sensors and are built on the same platform.
- Add features and services to the IoT project easily
Expand your application when you can demonstrate the business case for the next phase. The platform will always be able to support the next phase, as it operates with any device and can implement any business logic. The platform is also built to support cross-application dashboards, alerts and rules so that each new phase can easily be integrated into the application.
Axonize’s disruptive architecture was purposely designed to enable deployment of complete and fully customized solutions across all applications and device types in mere days. Schedule your demo today.