Usage Based Insurance
Bluesona’s UBI (Usage-Based Insurance) is powered by telematics and provides insurers a range of data based on the miles driven by a customer and other potential variables such as parked location and speeding.
Motor insurers can provide a range of insurance policy offerings based on the data collected such as PAYD (pay as you drive) and PHYD (pay how you drive). Risk can be assessed for safer drivers to reward them with fairer and discounted insurance premiums and post-accident data can be retrieved for assessing claims.
Many of these types of packages are targeted towards younger drivers and growth in the market has been driven by smartphone programmes and their usage. According to Statistica the global motor UBI market is forecast to grow to £82.88 billion by 2027, up from £12.32 billion in 2018.
Bluesona help motor insurance providers attain a competitive advantage and increase customer retention with our UBI solutions. UBI data regarding driving behaviour can be collected from our discreet in-car 12v plug-in LoopMatics device or Loop mobile application and can be sent to insurers for assessment of behavioural risk for optimised premium calculations.