Network powers automotive insurance application
Agnik, a data analytics company for distributed, mobile and embedded environments, has selected the Kore Telematics M2M network to power its usage-based automobile insurance application.
The network lets Agnik reliably and efficiently transmit driving patterns back to insurance companies for optimised 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 technology, available in many OBD and heavy-duty dongle configurations, uses Agnik’s onboard data mining algorithms to analyse vehicle diagnostic, acceleration, driving and location-related data directly from within the vehicle.
The application then summarises, packages and securely transmits the analysis via the Kore M2M network, arming insurance companies with detailed knowledge of driver and vehicle behaviour to support actuarial calculations.
Minedrive also provides statistical data analysis tools for detecting patterns from driving behaviour, 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 behaviour analysis to insurance companies and value-added services to consumers,” said Hillol Kargupta, president of 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 application also uses privacy-preserving data mining technology that allows analysis of encrypted data, ensuring that the raw driving data are never revealed to the insurance company. This allows the insurance company to assess driving behaviour, including GPS locations, without violating consumer privacy.
“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,” said Alex Brisbourne, president and COO of Kore Telematics. “Agnik is helping to accelerate adoption in the auto insurance market that is directly benefiting consumers, putting money back in their pockets by rewarding good behaviour.
“We are delighted to partner with Agnik to ensure that its innovatory approaches can be extended to all the markets they plan to address.”