The KORE M2M Network Enables Agnik LLC to Track Driving Behavior, Providing Insurance Carriers with Detailed Analysis for More Accurate Offerings and Enhanced Profitability
KORE Telematics, the world’s largest wireless services provider specializing in machine-to-machine (M2M) communications, today announced that Agnik LLC, a data analytics company for distributed, mobile and embedded environments, has selected the KORE network to power its usage-based automobile insurance application.
The KORE network enables Agnik to reliably and efficiently transmit driving patterns back to insurance companies for optimized portfolio risk management.
Agnik’s MineDrive™ application provides insurance carriers with detailed intelligence about driver and automobile performance, enabling more accurate adjustment of their offerings. The MineDrive technology, available in many OBD and heavy-duty dongle configurations, utilizes Agnik’s patented onboard data mining algorithms to analyze vehicle diagnostic, acceleration, driving and location-related data directly from within the vehicle. The application then summarizes, packages and securely transmits the analysis via the KORE M2M network, arming insurance companies with detailed knowledge of driver and vehicle behavior to support actuarial calculations. MineDrive also offers extensive statistical data analysis tools for detecting patterns from driving behavior, vehicle performance and various other types of correlated data relevant for actuarial risk analysis.
“The Agnik MineDrive application needs to function seamlessly across multiple geographies and wireless networks in order to provide accurate driver behavior analysis to insurance companies and value-added services to consumers,” said Hillol Kargupta, president, Agnik.
“The KORE network provides cellular connectivity across the globe through one homogeneous interface. This eliminates roaming concerns, the need to manage multiple wireless provider relationships and speeds the training of our employees. KORE provides the reliable network services, customer support and scalability we need to confidently grow our usage-based insurance business.”
The MineDrive application also features an advanced privacy-preserving data mining technology that allows analysis of encrypted data, ensuring that the raw driving data is never revealed to the insurance company. This allows the insurance company to assess driving behavior, including GPS locations, without violating consumer privacy policies. In addition, Agnik offers a number of cost-effective, out of the box, onboard hardware choices, which are powered by the KORE network.
“Consumer-touching M2M applications such as Agnik’s usage-based insurance solution are helping a number of industries develop new, innovative business models that have a real impact on bottom-line results. Agnik is helping to accelerate adoption in the auto insurance market that is directly benefitting consumers, putting money back in their pockets by rewarding good behavior,” said Alex Brisbourne, president and COO, KORE Telematics.
“At KORE, our focus is to reliably power innovative wireless solutions across the globe, and define the standard for worldwide M2M network connectivity, in telehealth, consumer, supply chain, utility, payment processing and many other markets. We are delighted to partner with Agnik to ensure that its innovatory approaches can be extended to all the markets they plan to address.”