Usage Based Insurance
Pay As You Drive (PAYD) or Pay How You Drive (PHYD) insurance is becoming increasingly popular and more sophisticated. Driver performance scoring can be achieved by tracking vehicles and individual driver behaviour which can then be compared with the normal road conditions on a specific route.
Speeds, accident, traffic volume and other map-related data
allmapdata has been in the business of providing appropriate map based data to tracking and insurance companies for many years. Whether you need just a background map, data about legal speed limits or average driven speeds on each segment of road, volume of traffic or numbers of previous accidents on specific stretches of road, we can help.
Track and trace, snail trails and geofencing
The allmapdata team creates data for and processes data from track and trace systems and can assist with visualisation, analysis and scoring using techniques such as reverse geocoding (finding the address details from recorded GPS grid references), snail trails (displaying a line on the map depicting the route a vehicle is currently on or has taken) and geofencing (flagging when a vehicle is near or within a boundary, such as a high risk area or legally restricted area such as the London congestion zone).
Insurance telematics data pricing and licensing models
Use map related data to display snail trails or determine driver behaviour in relation to factors like legal speed limits, hazmat restrictions, one-way streets or turn restrictions etc. Map data licensing models are now available specifically for insurance telematics applications and pricing models can be per vehicle or per month to ensure you pay only for your specific usage of the data.
Converting collected data into usable information for actuaries
As insurance companies track an ever growing numbers of vehicles, there is potential to collect finer and finer detail about each driver’s behaviour. The allmapdata team have experience of simplifying billions of GPS signals to form easy to use journey speed information linked to road networks.
Call us to discuss how you can use spatial data to efficiently implement and analyse PAYD or PHYD insurance models.