Insurance companies are relying more and more on user behavior profiling as opposed to actuarial tables to analyze risk assessment and calculate insurance premiums.
An example of UBI solutions is already being used in the car insurance sector. Insurance providers are allowing customers to install small, cellular-connected devices in their cars. These devices measure driving risk factors including distance driven, time-of-day driving patterns, speed, braking, and other erratic driving behaviors that could lead to accidents. These observable and quantifiable behaviors go into a risk assessment that helps insurance companies rate drivers on safety, enabling them to price their insurance based on the risk profile of the individual driver.
KORE helps power UBI solutions for many leading insurers and has the 2G and 3G connectivity required to keep assets connected in real time. This allows for accurate risk profile measurement via insurance telematics. If you are an insurer, consider partnering with KORE for your measurement application connectivity.