Insurance Analytics 2012

The very famous auto insurance company “insurethebox” has started to use a new analytic system application in order to firmly analyze and examine the habits and the level of recklessness of the driver who is applying for auto insurance. The results that are obtained from such analysis will tell the company if the driver drives safely and how safe is his driving, so the insurance firm can set the price of the premiums. The insurance firm “insurethebox” aims to focus on the younger car owners in order to achieve 2 things. The first thing is to lower the costs of auto insurance, and to encourage the young to drive safely. This analytic application is a device that is bigger than a cell phone, it is placed beneath the car’s dashboard and it is then linked to a GPS device among other sensor devices.

This device obtains a lot of data; this includes the main aspects of the car owner’s driving habits. This information includes how long he drives the car, at what times and where. The technology that is being applied to gather this kind of data is IBM analytics. According to the CEO of the firm, Mike Brockman stated that usually, most clients purchase the 6,000 miles per year auto insurance policy. This policy has the ability to be topped if the client goes over the 6,000 miles. He continued by saying that the clients who drive their cars at average speeds and take regular rests when having a long voyage will earn additional miles to be added their policies.

“insurethebox” has released its insurance policies on an insurance comparison website 2 years back, and since then, the company sold more than sixty five thousand policy. Back to the main topic, as the data that gets captured by the device will be sent accompanied by the main statistics to the client’s online account. This way, each client can check his online account and see how he has been driving and monitor his performance and if he has earned any mileage through bonuses. This new system is also great as if the client gets in any form of accident, the system will let the firm know, and they will call to make sure that the client is alright and if he or she wants to file a claim.

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