Jooycar’s exclusive scoring algorithm enables actuarial teams to include new variables and data predictors for more precise UBI risk calculation.
Telit, today announced that it was selected as the IoT Cloud platform service and connectivity provider for Jooycar connected car telematics.
Jooycar’s exclusive scoring algorithm enables actuarial teams to include new variables and data predictors for more precise risk calculation with Usage Based Insurance (UBI). This “driver score” considers factors such as driving times and schedules, as well as variables related to driving habits: Pay as You Drive (PAYD) and Pay How You Drive (PHYD).
Jooycar is the first company founded in Latin America with vast experience in mobile developments and in the Internet of Things (IOT) to offer a comprehensive telematics platform “connected car.” With the goal of making driving safer, smarter, easier and less expensive – Jooycar delivers enhanced end-user services for consumers and creates new business opportunities for the insurance, telecom and automotive industries by leveraging real-time big data sourced from cars and drivers. With UBI, drivers can enjoy lower premiums as well as being incentivized to drive safer.
“We are pleased to enter into this relationship with Telit,” said Maria Paz Gillet, Jooycar CEO.
“For UBI to be successful, insurance companies require the collection of a broad data set as well as software that creates greater meaning from the driving metrics. Our algorithm, paired with the Telit IoT Portal has made it possible for actuaries to make decisions that are more informed, ultimately reducing their risk.”
Jooycar’s end-to-end cloud-based Insurance Telematics Platform focuses on creating value for the final consumer and enhancing the policyholder´s experience with the insurance company. Their UBI solution includes: telematics data collection (OBD2 device, smartphone and hybrid data source), processing, scoring, and storage; driver behavior rewards, automatic crash notifications (FNOL), and various value-added services related to smart roadside assistance. Insurers gain better consumer insight, improve CRM, generate more accurate pricing and have a more predictable risk base.
Jooycar adds value to the Automotive Aftermarket by providing an optional white-label solution for its clients by developing a mobile application and consumer web interface so the driver can benefit from connected car services, improving customer satisfaction and retention rate.
With advanced services, resources and tools, the Telit IoT Portal enables application, administration, security, data, device and connectivity management. Telit also makes it possible for Jooycar to support car dealers and consumers with a complete suite of solutions.
Jooycar has selected Danlaw’s DL750 OBDII, an industry leading UBI connected car solution, which has also proven ideal for use by auto dealers for Lot Management.
The Danlaw DL750 utilizes Telit’s ultra-compact GSM/GPRS cellular module for communication of critical vehicle and location information. This makes it possible to locate vehicle inventory and monitor battery conditions – ensuring high reliability and a successful test drive experience. By placing a geofence around the dealership perimeter, every car is monitored and protected. To enhance post-sale revenue, dealers can sell the GPS devices to car buyers so that they can monitor teen driver behavior and recover their vehicle if stolen. Drivers also gain the safety and security of smart roadside assistance and a user-friendly app that makes it easy to manage their vehicle’s use and schedule preventative maintenance.
“Telit devices and our platform have an unmatched reputation for reliability and scalability, giving Jooycar and its customers a solution that delivers real peace of mind,” said Fred Yentz, Telit IoT Platforms CEO. “UBI has the potential to reduce risk for insurance companies and lower the cost of insurance for safe drivers, and having accurate and complete data makes this a reality. The Jooycar app is powered by the data from the Telit portal so that users have 24/7 access to real-time information.”
For more information on IoT and Jooycar, view the case study video: