Two new deals for CMT that we spotted on the news wires;
VÍS, the leading insurance company in Iceland, announced today the launch of the first car insurance program in the country that does not use traditional factors such as age as part of their pricing criteria but instead mileage and driving behaviour.
Ökuvísir, powered by Cambridge Mobile Telematics (CMT), the global leader in smartphone telematics, will allow VÍS to change the way insurance is priced focusing on actual versus perceived risk, transparent pricing, and curbing phone-based distracted driving. According to a recent survey conducted by Zenter Research for VÍS, 46% of drivers in Iceland made phone calls while driving. 55% of adults and 73% of young drivers also admitted to texting while driving.
Ökuvísir is a revolutionary app that gives VÍS´s customers constructive feedback on how they drive. VÍS´s partner CMT analyzed billions of miles traveled by millions of drivers and its research indicates that feedback and user engagement can be impactful on distracted driving, with the top 30% of drivers on their platform reducing their phone distraction by 39% after 30 days.
“Mobile phone use affects drivers’ perception of the environment and response time, resulting in more hard braking events and making it difficult to turn away from danger,” commented Ryan McMahon, CMT’s VP of Insurance and Government Affairs. “We are delighted to work together with VÍS to positively impact road safety in Iceland, and hopefully set the precedent that good insurance isn’t only about fair coverage, but also about creating safer drivers.”
AIOI NISSAY DOWA
Aioi Nissay Dowa Insurance Company Limited (Aioi Nissay Dowa Insurance), a member of the MS&AD Insurance Group, the largest P&C insurer in Japan, has launched a new usage-based insurance program for personal-line consumers in partnership with Cambridge Mobile Telematics (CMT), the global leader in smartphone telematics. The program, called Tough Mimamoru Car Insurance Plus S, uses CMT’s DriveWell platform for measuring driver quality and for real-time crash detection and reconstruction.
The program comes with a 4% introductory discount and safe drivers can save up to 8% on their discount at renewal.
Alongside discounts for safe drivers, the program offers crash detection and roadside assistance services. In the event of an accident, the Tough Mimamoru Car Insurance Plus S app triggers an immediate alert depending on the severity of the crash. This can be a call to confirm driver’s safety, arranging for a towing service, or a request for ambulance dispatch. Telematics data is then used to support the claims handling process, accelerating resolution and payment.
The service is available for all car types and does not require any professional device installation. The program is based on CMT’s App+Tag solution, which connects the driver’s smartphone to an easy-to-install small, five-centimeter device.
With 65 programs globally and several million drivers, and over 17 million shipped Tags, CMT is the global leader in mobile telematics. Its DriveWell platform is used to measure driving quality and improve driver behavior, while its Claims Studio provides accurate crash detection and reconstruction for efficient claims processing.