MyDrive Solutions has selected Redtail Telematics to power the company’s industry leading driver risk assessment solution, enabling car insurance companies to offer usage based policies, one of the hottest segments of the insurance industry.
Redtail’s vehicle monitoring and reporting combined with MyDrive’s context senstitive analytics provide insurance companies the exact data needed to calculate risk and offer profitable policies at competitive prices.
“Car insurance customers are keenly interested in usage based policies that reward their actual driving behaviour, and the MyDrive solution, powered by Redtail, provides insurers with both the data and the analysis needed to offer custom rates based on actual risk,” said David Kirby of MyDrive. “No other vehicle monitoring solution offers such a powerful combination of monitoring, reporting and contextualisation, offering innovative insurers a competitive advantage.”
Using high resolution data provided by Redtail’s hardware and a comprehensive set of patent pending algorithms, the MyDrive solution enables car insurance companies to assess the actual risk presented by an individual driver, based on driving behavior and driving patterns within the road context. With an accurate assessment of a driver’s behavior, insurance companies can offer tailored policies and price that risk at rates that attract safe-driving, cost-conscious customers.
Second by second GPS data is just the start of the information Redtail delivers to MyDrive. GPS delivers location, speed and time. Accelerometers sense, record and report driving events such as kangaroo starts, hard braking, fast cornering and sudden swerves. MyDrive knows the roads by gathering, comparing and contextualising data. MyDrive can distinguish between a risky driver and a safe driver based on a whole series of contexualised data and does not rely on exception events.
MyDrive's COO David Kirby said “The Redtail device has been selected as a best in class device that combines sensitivity, accuracy and commercial performance in a small outline and with excellent technical documentation and support. The combination of their DataWarehouse device management platform and data storage solution is a winning combination that takes the effort out of driver data acquisition".
Redtail CEO Dr Colin Smithers replied "MyDrive's unique driver scoring solution uses GPS data to determine numerous distinct aspects of driver behaviour. We are delighted to have been selected as their exclusive solution. This is a testament to the sensitivity, accuracy and reliability of our solution.
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