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Internet of Vehicle x Insurance data Value-added Service


photo by Michael Jin on Unsplash

Driving behaviors are closely related to road safety. Dangerous driving behaviors are most frequency in occupational driving such as transportation service, commercial cars, and taxis, whom are difficult to be traced and followed due to high mobility of personnel, difficult management, lack of digital equipment and hardness to collect data.

Trans IoT(創星物聯) combines product services with UB(Usage Based Insurance) car insurance, combines driving mileage and driving behavior information, and is closer to the actual use of the vehicle, allowing insurance companies to reduce the risk of claim settlement. However, during the implementation of the service, it was found that whether it is driving mileage or driving behavior, it is just a comprehensive set of the internal data “inside” the vehicle, but lacks the link of external data, such as weather data, car accidents, and traffic data.

Although traffic information accounts for a large proportion of the open data, the level of data detail need to be improved such as the update frequency and data quality on dangerous road section, the starting and ending points of dangerous roads, incomplete data about falling rocks and turning curve of road, etc. It still needs to be supplemented by the data collected by private companies, which shows the necessity of mashup of open data and private data.

From Traffic broadcasting and push service to traffic accident prevention

Trans IoT(創星物聯) used a large amount of Open Data in this "Internet of Vehicles Insurance Data Value-added Service Plan" to increase the breadth of traffic broadcasting and push service, such as: "frequent road accident data, surveillance cameras, weather data, Maternal and Child Safety Area, A1 / A2 Accident Location", etc. Meanwhile, it also utilizes private data generated from Google and Here Technology to enhance accuracy and timeliness such as road speed limit data, map data, road network data, complete road condition information, accidental event from police radio, road repairs, accident detection, etc.

The mobile phone ’s “Location Base” app push service avoids many unnecessary extra push information during driving to affect the driver, promotes safer driving behavior, and provides drivers with near accidents during each trip in terms of safety services such as notifications and warnings on dangerous sections. When drivers drive through dangerous sections, they will be warned by mobile phones, so that each driver's safety will be maximized. In addition, road conditions will also be provided in your area of congested roads and location information of surveillance cameras throughout Taiwan, so that users can grasp the latest road conditions, and minimize car accidents.

Driving behavior optimization services, precision pricing in the property insurance industry

The traditional method is to negotiate the offer verbally by the insurance agent after recording the mileage of the driver. However, this method is still too manual now. The "On-Board Diagnostic System (OBD)" can be used by existing vehicles. Connected technology collects driver's mileage, which is the traditional "pay by you drive"; and uses mobile phone app in conjunction with OBD ‘s "pay how you drive" to conduct dynamic insurance assessment. In the further, we, during the driving process, can record risk factors and dangerous trips to reflect closer to road conditions and driving behaviors.

After stepping into the digital channel, OBD can collect information on the internet and compare the products that are most suitable for customers. It also connects products, sales, underwriting, claims, back-office, and customer service processes in one-stop mechanism, making the traditional insurance industry more accurate digital transformation. On the other hand, the APP on the mobile phone of the driver on duty provides his own driving behavior safety assessment and influencing factors, allowing the driver to change driving habits and cultivate good driving behavior.

The next step after IoV is V2X(vehicle to everything)

 (Currently, Trans IoT(創星物聯)  continues to deepen the research in the field of vehicle networking, hoping to comprehensively integrate real-time road conditions, and to make vehicles connect to the roads. The currently operating V2I (Vehicle to infrastructure) is a must before moving towards V2X(vehicle to everything). The preparatory work of the company has also made many attempts at the same time, such as combining “Dedicated Short Range Communications (DSRC)”, 5G, or accident records by blockchain’s cooperating proof of existence (PoE) , we also look forward to the government to optimize key environmental data, such as granularity, immediacy, electronic fenced area, practical point range, etc. to achieve true integration with the environment. On the other hand, in addition to the existing insurance data, it also tries to involve more diverse fields, such as warranty, maintenance, car sharing, and short-term rental cars, all of which are potential areas where Trans IoT(創星物聯) will try to extend its reach.

Learn more about Trans IoT (Chinese page)

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