Auto insurance start-up Noblr has partnered with TrueMotion, a provider of smartphone telematics, to obtain driving data of its customers using TrueMotion’s in-house platform.
Noblr, a new car insurance company that rewards good driving habits, will use the driving data provided by TrueMotion to appropriately price the insurance for its customers based on how much and how safely they drive.
The insurance company claims to calculate this price in real-time using the member’s smartphone.
TrueMotion claims that its technology captures the most granular driving data in the industry, only with a smartphone. The platform is capable of identifying individual driving behaviours such as hard braking, harsh acceleration, speeding and distracted driving.
According to the smartphone telematics firm, its technology will work in the background to identify drivers and will capture driving data and Noblr’s customers will need to download the app and drive.
Noblr CEO and co-founder Gary Tolman said: “We’re building a different kind of car insurance company, based on creating a community of safe drivers and rewarding those drivers.
“We needed a smartphone telematics partner that could accurately identify drivers and capture driving behaviours like smoothness and focus – without the crutch of a hardware device or tag. When we looked at the market, TrueMotion was the winner, hands down.”
Noblr’s monthly rate includes fixed and variable rates. The variable rate is based on how much and how well a person drives. There will be four driving factors to calculate the insured’s driving score.
Smooth driving represents how often a driver slams on the brakes or accelerates quickly. Focus will show often a driver uses his or her phone while driving. Road choice encourages drivers of taking highways over back roads. Time of the day will look at when drivers are actually on the road, as driving between 11pm and 4am is statistically more dangerous.
Based on these factors, Noblr will calculate the price, which could help in saving up to 51% on their insurance premium.
TrueMotion CEO Ted Gramer said: “Noblr is one of the most exciting new entrants to the auto insurance market and we’re proud to be powering their driving behavior data.
“The future of auto insurance will be fueled by smartphone driving data. With variable monthly rates based on actual driving data derived from smartphones, the Noblr team has built a product that will allow it to deliver one of the best user experiences in the market today.”
Earlier this month, Bermuda-based Third Point Reinsurance acquired a minority stake in Noblr and had also offered reinsurance services.