MyDrive Solutions has announced the launch of its first product to market, MyDrive Dynamic which will enable car insurance companies to use driving behavioural data, as derived by the latest data capture technology, to assess the risk presented by individual drivers, and price car insurance premiums accordingly.
In response to the rising cost of insurance premiums, particularly for young drivers between the ages of 17 and 25, MyDrive Solutions is launching its telematics product, MyDrive Dynamic, which captures driver behavioural data in the car, stores it in the Cloud and then allows the insurer to assess driving ability and behaviour. Results are displayed through an online portal which can be accessed by the driver.
Linden Holliday, ceo of MyDrive Solutions, explains “The device works by placing a ‘smart box’ in each car that collects vast amounts of data – we take a snapshot every second – about an individual’s driving style. This includes a driver’s level of aggression, smoothness, anticipation and consistency. We contextualise this information in relation to the road network – for instance, whether a driver is on a motorway or A-road, or whether he is approaching a roundabout – and driving conditions – for instance, whether an individual is driving at night, in heavy congestion, or in treacherous weather conditions. Put simply, the product knows where the driver is, when they are driving and how they are driving. This information is transmitted back to the insurer’s data systems via the Cloud so they can measure each driver’s capability and price their insurance premium accordingly.”