Maybe Data Could Price Insurance Per Hour, Per Day, Or Even By Road?

IE is just thinkng out loud here, but what if modern cars could share location data via Maps apps/smartphones and the traffic conditions, vehicle speed, weather, ADAS features operational etc could all be overlaid to provide insurance cover, priced by the hour?

It sounds like sci-fi, but it’s really just crunching more data, faster, and then overlaying it with the driver history that insurers already have on file. There’s no good reason to stick with an annual premium when you think about it, because the big risk lies in the use of the vehicle 90% of the time.

Anyway, here’s some info on UK roads where most speeding is detected – that isn’t the same as where speeding is actually happening most frequently of course.

Never rule out GIGO as they used to say in old school computing. That’s garbage in, garbage out, for younger readers. Enjoy;

Quartix Ltd, a leader in vehicle tracking and telematics, has revealed the UK’s worst roads on which speeding regularly occurs. Data analysis undertaken by the company on its vast ‘SafeSpeed’ database shows that the M6 Toll near Birmingham tops the list, closely followed by the M61.

The Quartix SafeSpeed database is a comprehensive tool that reports on the relative speed of thousands of drivers every day. This database is used to form individual driver scores within Quartix’s fleet tracking system, used by over 35,000 businesses worldwide. Quartix driver scores not only assess a vehicle’s speed in relation to the designated speed limit on that road, they also rate a driver’s speed in relation to the average speed of other vehicles on that road.

Shown as a Relative Speed Score, that speed is all about the context of the road and is particularly helpful for rural roads when often it is not safe to drive at the speed limit. Quartix customers can use the data generated about their own fleet to give a complete picture of their driving performance.

ANONYMOUS DATABASE

Once aggregated and anonymised the 663 million data points held within the Quartix SafeSpeed database provide an unparalleled view into the speeding trends across the UK’s road network. Quartix has used this data to pinpoint roads where speeding is most prevalent and highlights potential risk zones for road users.

Of more than 7,000 sample data points taken on the M6, 46% of vehicles were traveling in excess of the 70mph speed limit between junction T6 and T5. Of over 16,000 data points on the M61 near junction 6, 40% of vehicles were travelling over the 70mph speed limit.

Mark Cartwright, Head of Commercial Vehicle Incident Prevention at National Highways, highlights the critical role of proactive safety management for mobile teams: “I think the kind of rich data that businesses can pull from systems such as Quartix is invaluable. I’ve always liked Quartix’s SafeSpeed feature. We know that speed is a significant cause of collisions and certainly makes them more serious”

For business owners managing fleet vehicles, understanding these trends in high-risk driving behaviours is crucial. By leveraging insights from the SafeSpeed database, they can:

• Implement targeted training: Provide drivers with specific training on safer driving.

• Optimise safety measures: Use data to enforce stricter safety protocols and speed monitoring in fleet vehicles.

• Reduce fleet costs: Reduce the risk of accidents, fines, and vehicle wear and tear by encouraging staff to drive safely and more fuel-efficiently.

Quartix’s SafeSpeed database offers a strategic advantage, enabling fleet operators to mitigate risks associated with driving at high speeds and ensure the safety of their drivers and vehicles.