Insurance is a necessity, but can sometimes be a frustrating expense. The customers’ premiums over time are only expected to increase, sometimes, through no fault of their own. It could be the neighbourhood they live in, their age, their profession or even their sex. There is an endless list of factors that can increase their monthly premiums based on things they have little to no control over. Mystral GPS tracking solutions is a brand of IoT Research labs Pvt. Ltd. that can, for the first time in India, provide insurance companies with insights into individual driving behaviour to justifiably lower their client’s insurance premiums!
After analysing billions of kilometres of driving data, Progressive, one of the largest insurance groups in the United States of America, has found that key driving behaviours, like actual kilometres driven, braking, accelerating and the driving time of the day, carry more than twice the predictive power of traditional insurance rating variables, like a driver’s age, gender and the year, make and model of the insured vehicle. Using such information, Insurance companies have a larger range of variables to calculate a premium. Some customers are stuck in a high insurance bracket due to their driving history, or the type of car they drive. Our solutions allow them to lower their premiums by lowering the assessed ‘Risk factor’. Our goal is to provide the Industry with comprehensive driving behaviour information to provide ‘Tailored Insurance Policies’ for individuals.
Alongside having potential lower premiums, insurance companies can provide their customers with added benefits such as our SOS systems, alerting the authorities in case of an emergency. We provide state of the art live tracking, for vehicle security, and to aid in the recovery of a stolen vehicle. In case a vehicle is stolen, it can be immobilised remotely. At Mystral, we take privacy very seriously, which is why we provide live tracking only to the customer through our Mobile and Web apps, while providing only simple driving behaviour statistics to the insurance companies at the time of contract renewal.
According to the Ministry of Road transport & Highways, there are over 1,300 accidents and 400 deaths every day in India; an overwhelming majority attributed to reckless driving. An initiative by the insurance companies backed by the government to implement our solution, will give customers accountability for the way they drive on the roads. Making the roads safer, because recklessness will be punished by higher premiums i.e. the safer you drive, the more money you save!
Individuals are not the only benefactors. Logistic companies with large fleets of expensive equipment often protect their assets with expensive insurance policies. Proprietors are always looking for ways to lower these insurance premiums, which can also be cost effective to their businesses. As these fleets expand, these costs only increase. How can you pay less for insurance while not reducing your coverage? The answer lies in smart driver behaviour based premium calculations for the smart fleets of tomorrow.