Solution Brief: Davra Networks PAYD Insurance
Learn how Davra Networks is simplifying telematics to allow insurance companies to extract more granular data and, as a result, create better business models for usage-based insurance.
The Internet of Things (IoT) is powering smart and connected solutions that redefine transportation. Connected telematics is one exciting use case. Telematics is changing driving forever—and bringing intelligence to the edge is the key to success. From large-scale fleet managers to insurance companies, everyone can benefit from using the stream of data vehicles already produce—data that can be quickly accessed via the On-Board Diagnostic II (OBD-II) port found on almost all modern vehicles.
Now, Davra Networks is simplifying telematics to allow insurance companies to extract more granular data and, as a result, create better business models for usage-based insurance (UBI). An Intel®-based OBD-II dongle for advanced vehicle telematics and Davra Networks’ IoT Application Enablement Platform (AEP) automate the collection of this data in near-real time, making UBI easier to deliver, more cost-efficient, and more accurate. With pay as you drive (PAYD) policies based on how many miles are actually driven, or even pay how you drive (PHYD) policies based on driving behaviors, consumers can benefit from possibly lower premiums, enhanced safety, and improved claims experiences. With more informed UBI models and predictive analytics, insurers can reduce claim costs, create more accurate risk pricing, modify risky behavior, and improve brand loyalty.
When deployed together, Davra Networks’ IoT AEP and the Intel-based OBD-II dongle deliver a secure, reliable solution for usage-based insurance. It can be deployed on-premise or on a public, private, or hybrid cloud. All data remains the property of the customer and integrates easily with other business systems using the latest in web service and API technologies.