CityVerve is providing Satsafe with an opportunity to demonstrate a mobile IoT application (telematics) which leverages data about an individual vehicle’s physical characteristics in terms of acceleration, braking and cornering forces as well as it’s speed in a given location and at a specific time.
This contextual data is used as the basis from which we are able to kapply different algorithms which ultimately enables us to provide a meaningful driver score on an individual driver, vehicle or fleet basis. The purpose of this driver style profiling, is to benchmark each driver against recognised good driving best practices as well as their peer group. Generally speaking, the less aggressively a vehicle is driven, the higher the driver score and least likely they are to either cause or be involved in an accident.
What is of real interest to us here, is that it is not just about the physical characteristics of the vehicle. DriverMetrics, developed by Dr Lisa adorn of Cranfield University, has been developed as the world’s most scientifically validated tool for assessing driver risk. Through the ‘Driver Risk Index’, operators are able to predict crash involvement, responses to hazards, analyse vehicle positioning and speed. They pitch this as ‘driving behaviour change – driven by science’.
Our data capture device (GEOBLOC ® – powered by Satsafe) is a small, electronic ‘black-box’ the type of which is currently used by insurance companies and fleet managers to provide vehicle and driver monitoring services. By connecting our driver monitoring devices to the vehicle’s on-board diagnostic port, we are also able to capture other useful information about the vehicle’s health which may be passed onto the vehicle’s owner via our planned app.
Insurers are currently providing competitively priced insurance services based on their access to ‘insight’ around how individual drivers may be exposing themselves to risk and through CityVerve, Satsafe is working with a current insurer called Woop to provide low cost insurance to young/inexperienced drivers. .GOV statistics demonstrate that of all serious accidents, 20% involve younger drivers (17-24 years), yet this age group make up just 8% of the driving population. Our stated mission is, ‘to develop innovative, GPS-based products and services that influence driver behaviour in order to reduce accidents, save lives and reduce environmental emissions’ and we believe that this technology, although it has been primarily focussed to date on younger drivers, has a much greater potential across other use-cases including; elderly, disabled and other vulnerable drivers, taxis, minibus, couriers and light commercial vehicles such as vans and smaller trucks.
We are currently working with an insurance Managing General Agent (MGA) Big Central, to offer a range of different telematics insurance propositions for each of these user groups which we believe will enable increased take-up of our technology.
As an organisation, we always stress that we only capture data for the purpose for which it is required, i.e, to create a driver score, and never is any personal information shared with any external agency at any time except in exceptional circumstances such as a serious road traffic accident. Rather than being in the position of current insurers who are essentially selling insurance policies as a ‘grudge purchase’, then trying to convince drivers to share their personal data through what is perceived as a ‘snooping’ device, Satsafe is positioning ourself as a consumer champion – promoting the safety and security merits of the device first (early crash detection and re-construction, theft alerts and breakdown warnings), coupled with the added benefit of potentially lower-cost insurance depending on an individual driving style.
Satsafe, as an independent, third party telematics service provider (TSP) providing near real time feedback to each driver in order to either improve or maintain their personal driver score as well as limiting the insurer’s exposure to loss by sharing serious breaches/accident information with them in order for them to intervene as early as possible. As well as protecting the driver from falsified or exaggerated claims against them during an accident, we are also able to protect the insurer from spurious or exaggerated claims, (particularly whiplash) by another party. These latter points are of particular interest to insurers who are currently disadvantaged financially whenever a claim is being managed by ‘the other side’.
On 28 April 2015 the European Parliament voted in favour of eCall regulation which requires all new cars be equipped with automated emergency calling capability (eCall) technology from April 2018. eCall will be seamlessly functioning throughout Europe by that time. In the event of a serious accident, eCall automatically dials 112 – Europe’s single emergency number. Our GEOBLOC device is the pre-curser for an after-market eCall device that can be used across Europe and particularly in those countries where there is a much lower turnover of new vehicles.