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The combined emergence of low-cost GPS receivers and highly skilled private service providers has spurred the development of an increasing number of satellite-based positioning applications.
In the automotive industry, satellite-based positioning offers promising services, the most perceivable being from GPS-based Pay-As-You-Drive (PAYD) insurance solutions.
Insurance companies can also benefit from anti-theft and/or after-theft programs (links).
Real-Time Risk Assessment is also possible.
The insurer benefits from location and attitude-based driving information (where and how the driver is driving), improving the policy design, while providing the maximum privacy.
Pay-As-You-Drive changes vehicle insurance from a fixed cost into a variable cost by pro-rating premiums per mileage. The more miles driven, the higher the premium,. the less driven the lower the premium. The unit of exposure changes from $/annual premium to $/mile.
PAYD solutions are more actuarially accurate than previous models such as odomedeter audits and incentive-based approaches. PAYD permits mobility-based premiums, time of day risk assessment and road-based risk assessment with minimal infrastructure costs.
PAYD results in fairness and equity
Does not overcharge low-risk drivers and provides "affordable " insurance to high-risk drivers
PAYD is good for consumers
In a pilot program PAYD participants saved an average of 25% off their premium
PAYD is good for the environment
PAYD is expected to reduce driving 10-20%, meaning fewer traffic jams, less air pollution, less energy consumption �
PAYD is good for insurance companies:
- Less time on the road equals less accidents.
- Insurance companies offering PAYD programs may see an increase in market share and ROI is quick.
- The availability of in-vehicle GPS is increasing and this is broadening the ability to offer PAYD insurance. Consumers therefore would bear no additional hardware costs for PAYD insurance.
- PAYD-enabled system offer far more flexibility to policy designers.
ALTEA can provide complete PAYD and After-Theft solutions to insurance companies, Ranging from hardware to helping the insurer design the final policy design based on years of experience providing insurers Location-Based Services. Altea will provide pilot project solutions based on its proprietary worldwide network of dispatching centers and help insurers fully exploit their CRM.
YOUR GOALS, OUR SOLUTIONS
Altea Location-Based Services allow for:
- a more accurate risk underwriting
- avoiding averaging
- exploiting new sectors
- detecting fraud
- improving customer service
- cross-selling additional services
- reducing vehicle theft
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