IOT-ENABLED USAGE BASED INSURANCE SOLUTION

INDUSTRY SOLUTIONS

According to the Usage-Based Insurance Market Report 2022 by Research and Markets, the market is expected to grow to $132.02 billion in 2026 at a compound annual growth rate (CAGR) of 24.9%. The growth is mainly propelled by the expansion of the automotive industry. With such a huge market potential, thinking one step ahead will give insurers a significant competitive advantage.

Jimi IoT's Usage Based Insurance (UBI) telematics solution provides a variety of data regarding how policyholders drive, when they drive, and where they drive. This data is presented in intuitive graphs and lists, enabling auto insurance companies to offer low premiums to low-risk drivers and high premiums to high-risk drivers and to motivate high-risk drivers to correct their driving habits. Apparently, this will help auto insurance companies win and retain customers, improve operational efficiency, and make claim processing more efficient.

INDUSTRY SOLUTIONS

CHALLENGES

CHALLENGES

SOLUTION

DEVICE The Jimi IoT’s plug-in OBD or hard-wired trackers, dashcams, or other monitoring devices installed in vehicles collect telematics data, including collision events, driving hours, mileage, fuel consumption, driver attentiveness, and driving behavior, and upload the data to a cloud server over cellular networks. In the meantime, the device will give voice reminders if the policyholder shows signs of distraction or fatigue, or has been using the phone or driving recklessly. And if an emergency occurs, the panic button allows drivers to summon assistance in a single press.

CLOUD The could server analyzes the uploaded data and visualize the data on Tracksolid Pro or your own platform in intuitive graphs and lists for easy reading. These critical data will be retained on the cloud server for 3 months at most.

PLATFORM The platform presents the data in graphs, lists, and easy-to-read texts. The platform is easy to use and requires no special knowledge. The platform, working in conjunction with Jimi trackers, DVRs or peripherals, allows insurers to track the locations of policyholders’ vehicles in real-time to send instant help if emergencies occur or recover stolen ones in the earliest time possible, live streaming the images from multiple cameras, and check the fuel and mileage data anytime, anywhere, on any device.

SOLUTION

BENEFITS

The Jimi IoT's dashcams or camera systems capture critical events, such as collision and harsh driving and save these critical data in the server for future use. These data can be used by insurers as evidence to reduce insurance frauds and exonerate innocent policyholders.

Event
Video to Cloud

Mileage data collected are critical if you charge the insured based on usage; while driving behavior analysis (DBA) is of paramount importance if policyholders are charged on how they drive. The platform allows you to leverage both types of data to craft the most suitable insurance strategy for each individual customers. With the platform, you can also create incentive programs rewarding policyholders with good driving behaviors.

Individualized
Pricing

The peripheral driver attentiveness monitoring camera (DMS) captures driver distraction or fatigue or phone use or drinking in separate video clips and the platform classifies these data in types to facilitate search when circumstances call. These data can also be used to coach drivers in real-time and afterwards.

Driver
Monitoring (DMS)

The mobile app for end-users offers customers quick and 24/7 access to relevant information, which enables them (policyholders) to know where they can improve and correct their driving behavior accordingly to get a better price on their annual rates.

24/7
Availability

In addition to position fix via GNSS, our house-developed inertial navigation module (INS) embedded in Jimi IoT's trackers enables the uninterrupted position fix in area with poor or even no GPS signals. This functionality further increases the chances of recovering stolen vehicles for policyholders, but also helps reduce the cost of vehicle losses.

Uninterrupted
Tracking

Drivers will contact their insurance companies in the event of a traffic accident. This FNOL can assist policyholders in getting help, but may not be as prompt as they expect. The panic button in the solution allows drivers to notify the insurer at that very moment. The insurer can locate the policyholder's vehicle, dispatch the nearest team to the scene, and make a call to the driver to determine if medical attention or fire department should be contacted.

Improved
Customer Experience

Jimi IoT offers an API protocol to integrate our devices with your existing platform and enable you to access all the data collected by Tracksolid Pro. Or if you would like to build a platform of your own, our team is here to assist you.

Seamless
Integration over API

Jimi IoT has more than 20 years of experience in the IoT/IoV industry and a team of experts to assist you in the adoption. We offer ready-to-deploy solutions (with IoT SIM cards for worldwide connectivity) as well as OEM, ODM, and OBM services to suit your industry-specific needs.

Customization
Services

BENEFITS

HARDWARE

Jimi’s Usage Based Insurance (UBI) telematics solution provides a variety of data regarding how policyholders drive, when they drive, and where they drive. This data is presented in intuitive graphs and lists, enabling auto insurance companies to offer low premiums to low-risk drivers and high premiums to high-risk drivers and to motivate high-risk drivers to correct their driving habits. Apparently, this will help auto insurance companies win and retain customers, improve operational efficiency, and make claim processing more efficient.