MyDrive Solutions, an insurance telematics company, recently released MyDrive Dynamic, a smart box product designed to enable car insurance companies to use driving behavioral data to assess risk presented by individual drivers, and then price car insurance premiums accordingly.
In response to the rising costs of insurance premiums, particularly for drivers between age 17 and 25, MyDrive Solutions says it is launching MyDrive Dynamic, which captures data in the car using an insurance smart box, stores it in the cloud and allows the insurer to assess driving ability and behavior. Results are displayed through an online portal that can be accessed by the driver.
MyDrive Dynamics monitors drivers constantly when behind the wheel, according to MyDrive Solutions, developing an extremely detailed picture of the level of safety of an individual's driving style. This allows the risk to the insurance company to be calculated accurately.
The story first appeared on the Insurance Networking News web site.