Auto Insurance TElematics
In other words, DrivSave truly unlocks the potential for smartphones telematcis for the auto insurance industry.
Please contact us to learn more about DrivSafe smartphone telematics system
DrivSafe has built and patented its auto insurance telematics technology leveraging smartphones to collect and display driving behavior information. As the penetration of smartphones grows among the US population, DrivSafe would automatically increase its reach.
If the current rate of growth were to continue, smartphone penetration would reach 90+% over the next 2-3 years.
Today there are more Android based smartphones than all other smartphones combined including i-Phones, Blackberry and Windows. According to Nielsen Research, Android has 52% of the smartphone market share.
DrivSafe mobile telematics unlocks the potential of smartphones for the auto insurance industry
Email enabled phones have been around for many years now but the true smartphone revolution was started by Apple with the launch of its flagship i-Phone series in 2007. Three years after the first i-Phone launch, Google introduced its first Android platform smartphone in 2010.
Similarly, auto insurance companies have used information like credit score, demographic profile etc. as a proxy for the driving behavior of more mature drivers. This information also has limited driving behavior predicting abilities. DrivSafe mobile telematics app can provide true driving behavior of all drivers irrespective of age, demographic or credit profiles. Free DrivSafe mobile app may be downloaded for iPhone and Android based smartphones.
Historically, the young driver population been proven themselves, as a cohort, to be difficult to analyze and price. Auto insurance companies have used various methods like grades in school etc. as a proxy for good driving behavior. However, these methods have limited driving risk predicting abilities. DrivSafe smartphone based telematics system may be used to get a better understanding of the driving behavior of the younger drivers and align premium with driving risk.
“The present day smartphones have more computing power that all of NASA in 1969, when it placed two astronauts on moon”
Recent (Sept 2014) Comscore mobile market reports show that smartphone penetration in US has reached ~70% i.e. ~175 million people in US have smartphones. The smartphone penetration has experienced explosive growth since their launch and 10+% year over year increase in the last 3 years. Further, 85+% of new cell phone sales are smartphones equating to ~33 million people buying new or upgrading to smartphones in Q1-2014 alone.
Pew research estimates that smartphone penetration is much higher among younger population. 85% of the people between the age of 16-25 years have a smartphone compared to <50% of the people over age of 65 years.
Smartphone capabilities have grown exponentially
Smartphone penetration has reached ~70% - will continue to grow
DrivSafe unlocks the potential of smartphones
NASA used several IBM System/360 Model 75 mainframe computers that each cost millions of dollars (~$3.5 million each) to launch Apollo 11. Apollo 11 command module had 64KB of memory and 0.04MHz of operating speed. In comparison, present day smartphones regularly have 8GB of memory and 1.3+MHz of operating speed.
Smartphoe penetration varies by age ... nearly 85% young adults have a smartphone
DrivSafe smartphone based telematics system helps better driver segments
DrivSafe has built and patented its auto insurance telematics technology leveraging smartphones to collect and display driving behavior information. DrivSafe takes avantage of a number features available on a modern smartphones like touch screen display, GPS, communication etc. It eliminates the need for auto insurance companies and drivers to buy a separate device that needs to be pluged-in the vehicle. It also eliminates the cost of data transmission and the need for separate website based infrastructure to display personalized reports. The drivers can easily view their personalized - at their convenience - through the smartphone display.
Smartphone penetration would reach ~90% in the next 2-3 years
Comparison of smartphone and apollo 11 operating speed and memory
Further, smartphones today have onboard display, internet, camera, GPS and many other capabilities making them an “all-in-one super-machine” in our palms and an ideal candidate for many applications including insurance telematics. DrivSafe smartphone telematics app takes advantage of these capabilities to produce and analyze comprehensive driver behavior data for the auto insurance industry.