Our Insurance Partners
We work with Insurance companies all over the world and we ask them..... how do you assess risk?
In Health Insurance - companies will have medical data and a vast quantum of information on a person who smokes getting lung cancer or someone that has a high BMI requiring additional healthcare. Insurance companies can gather data from you personally and run it against their data base to get the exact probability of an event occuring and can then price your coverage accurately. If you keep yourself in good shape, do all the "right" things you do benefit from a lower premium.
Its the same for nearly all other forms of insurance - you have data and you use that to provide custom risk adjusted pricing. Its a fair system for all.
But not for car insurance.
How many years no claims does not tell anyone if you are a good or bad driver. Your age and how many years you have held your licence for does not tell anyone if you are easily distracted from the road, if you brake late, etc. etc. Risk is not priced correctly. For example, young drivers are all lumped into a high risk catogory. The Good , the Bad and the Speedy.
As we age - we deteriote . Its just a fact. But car insurance doesnt reflect this. We have no way of knowing if one 67 year old is unfit to drive while there could be a 90 year old that is a better driver than any 30 year old. Imagine if there was another way where real world data was used.
Governments and Insurance companies want exactly the same thing. Real world data that allows risk to be assessed. Our AI Driving Simulator technology allows insurance companies to get real data that can inform pricing and risk throughout a drivers lifetime. Reaction time, eye sight, technique - there are a range of data points that can be tracked that will provide critical information to our stakeholders. It will also allow Government to risk rate elderly or impaired drivers and provide them with the supports they need.
