Cambridge Mobile Telematics (CMT), the world’s largest telematics service provider, has announced the expansion of its AI-driven telematics platform, DriveWell®, to connected vehicles.
The industry-leading platform gathers sensor data from millions of IoT devices, including smartphones, proprietary Tags, dashcams, third-party devices — and now, connected vehicles with DriveWell Auto™ — and fuses them with contextual data to create a unified view of policy risk from driver and vehicle behaviour. The normalization of driving data across disparate data sources provides auto insurers, automakers, rideshare, fleet, wireless, and safety companies an unparalleled, physics-based view into what’s actually happening on the road and behind the wheel.
The addition of connected vehicle data to DriveWell® comes amid significant disruption in the auto insurance and automotive industries. IoT Analytics projects the total number of global IoT devices to surpass 27 billion by 2025. Analysts expect 7.2 billion active smartphones and over 400 million connected vehicles on the road in the same time period.
“There is a wave of innovative IoT data sources coming that will be critical to understanding driving risk and lowering crash rates. CMT fuses these disparate data sources to produce a unified view of driving,” said Hari Balakrishnan, CTO and founder of CMT. “Fusion is the only way to unify everyday driving behaviors across vehicles and drivers in a policy. For example, a family that wants a telematics program may have both connected and unconnected vehicles. You need fusion to give them a consistent customer experience.”
Despite the rapid growth of connected vehicles, the adoption of connected vehicle data by auto insurers is still in its early stages. Due to the complexity of normalizing data across auto manufacturers, auto insurers are integrating connected vehicle sources in an ad-hoc way, sometimes relying on data aggregators. The resulting data sources are siloed from smartphone and IoT data, creating disjointed customer experiences and product offerings. DriveWell Auto™ fuses data streams from connected vehicles with other relevant data sources to give auto insurers and other companies a single consistent source for all their driving data.
The first offering from DriveWell Auto™ is VIN-based risk factors. These include verified VIN, verified mileage, garaging information, and vehicle-specific factors — all fused with smartphone trip data. These factors help insurers reduce leakage costs, combat fraud, and create a more holistic view of driver and vehicle risk. Self-reported odometer readings and inaccuracies in garaging information cost US auto insurers over $8 billion every year.
DriveWell Auto™ will add additional features this year. Today, DriveWell Auto™ provides connected vehicle data from over 20 automakers in the United States, Canada, and Europe.