SAN FRANCISCO, Oct. 05, 2022 (GLOBE NEWSWIRE) -- On The Money Analytics, a Zendrive-owned subsidiary, today announced the filing of its proprietary risk scores in 33 states, covering over 60% of the driving population in the US, excluding the state of California, where telematics programs are currently prohibited.
The proprietary model filed and approved by the DOIs is built on one of the largest smartphone-centric driving datasets in the world. The model uses AI and machine-learning algorithms trained and tested by billions of miles of driving data and thousands of real-life, verified collisions captured through smartphones only.
The proprietary risk model offers an unprecedented lift of 10X, helping auto insurers segment their policyholders and price premiums with precision. The model supports multiple use cases and delivers different outputs such as the risk of a collision in terms of collision relativity, with lift charts built around time-based exposure (hours driven) or mileage-based exposure (pay-per-mile), or both. Furthermore, unlike other risk models that primarily rely on data captured from specific geographies, the data used to build Zendrive's model represents a normally distributed population. The data comes from diverse sources, meaning it uses data for all types of drivers irrespective of their usage of UBI programs.
The dynamic risk model allows auto insurers to assign risk to drivers within 30 days. It allows insurers to define their own threshold based on their desired confidence levels. This provides insurers the ability to offer discounts to their customers within weeks, helping them incentivize safer driving behavior faster than any other model in the market.
"With increased price sensitivity and inflationary pressures, accurate pricing and segmentation are more important than ever to acquire and retain customers with higher lifetime value. Our proprietary model gives auto insurers the ability to have significantly better visibility into the real risk profiles of drivers" said Pankaj Risbood, Founder and CEO of Zendrive.
Zendrive plans to continue filing its model in the remaining states in 2023. Please reach out to email@example.com to learn more about Zendrive's proprietary risk model.
Zendrive's mission is to make roads safer through data and analytics. Its award-winning Mobility Risk Intelligence (MRI) platform ? powered by 200 billion miles of data gathered from 100s of millions of drivers across the globe ? helps insurers understand and mitigate mobility risk, reducing the likelihood of collisions by 49%. The platform also helps insurers find and acquire preferred risk drivers through Zendrive's vast publisher network with access to hundreds of millions of users. With an engaging test drive experience, participating consumer applications deliver savings to their customers while also diversifying revenue streams. The company has been recognized as one of Fast Company's Most Innovative Companies and won the 2017 Best Startup in San Francisco award.
These press releases may also interest you