The smartbox records details about how your car is driven and data is wireless transferred in real time to the insurance company.
MyDrive Solutions, an insurance telematics provider announced the launch of its insurance smart box product which will enable car insurance companies to use driving behavioral data, as derived by the latest data capture technology, to assess the risk presented by individual drivers and price car insurance premiums accordingly.
Insurance companies are implementing smartbox technology so good drivers can benefit from cheap insurance rates.
The smartbox, similar to a black box for airplanes, records details about a wide criteria of information such as time, speed, braking, cornering, acceleration and location. This data is transferred to the insurance company to provide a profile of when, where and how you drive.
This profile is then used to compare insurance rates and to reward low-risk driving behavior with cheap insurance rates.
The device works by placing a ‘Dynamic Drive Recorder’ in each car that collects vast amounts of data. It takes a snapshot every second about an individual’s driving style which includes driver’s level of aggression, smoothness, anticipation and consistency.
This information is transmitted back to the insurer’s data systems via the Cloud so they can measure each driver’s capability and price their insurance premium accordingly.
Drivers are high-risk when they drive irresponsibly such as speeding, frequent lane changing, driving in high-risk locations or at high-risk times such as in heavy traffic or late at night.
This new electronic invention is intended to replace the standard practice of categorizing drivers into group behavior to determine insurance coverage and premium payments.
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