UBI - Usage Based Insurance
An innovative system supporting the assessment of motor insurance risks
“Usage-Based Insurance” aims to use telematics to quantitatively and qualitatively assess a driver’s driving style and behavior on the road in such a way that insurance risk of motor damage can be eliminated. It can be said with all certainty that the use of telematics solutions is revolutionizing the motor insurance market because it is an unprecedented innovation enabling much more accurate matching of premiums to risk, bringing with it the possibility of using additional services to increase client loyalty and improving safety by decreasing the number of accidents and providing faster assistance when one does happen.
USAGE-BASED INSURANCE as the new way of calculating premiums
The UBI system differs significantly from the currently popular motor third-party liability and motor hull insurances. Current insurances are calculated using statistics and the insurer knows nothing about the driver’s driving style. “Innovative system supporting the assessment of motor insurance risks, dedicated for UBI (Usage-Based Insurance)” is a research program of Globtrak Polska in cooperation with the Kielce University of Technology and the Łukasiewicz Research Network – Industrial Automotive Institute.
The project aims to prepare for implementation of the innovative system supporting the assessment of motor insurance risks, dedicated for business fleets, i.e., insurance based on the way the vehicle is used and/or the driver’s driving style. The main advantages of this solution are:
identifying the driver who uses the vehicle regardless of which vehicle from the given fleet of company vehicles they are driving,
identifying the manner of driving under specific road conditions (traffic intensity, weather, etc.),
collecting and analyzing data on how the vehicle is used (CAN bus, acceleration sensor),
collecting and analyzing video data from the vehicle’s surroundings (cameras),collecting and analyzing data pertaining to insurance risks