Electric Insurance Company, a leading national provider of auto, home and excess liability insurance, has announced a partnership with Cambridge Mobile Telematics, a global technology provider using advanced mobile sensing, data analytics and behavioral science, to develop and launch a telematics insurance program in the United States utilizing CMT's award-winning DriveWell platform.
Electric Insurance is launching Great Driver, an easy-to-use smartphone app powered by CMT. The app analyzes users' driving skills and environment and provides actionable, individualized feedback to help improve driving habits and safety.
With continued use, the app assigns a score that can potentially provide a discount based on individual skills and risk levels.
"Our customers expect us to keep pace with technology and provide a great overall value," said Doug Seymour, president and CEO of Electric Insurance Company. "Great Driver is an innovative way for customers to get feedback on their driving habits, drive more safely and influence the cost of their insurance premiums."
William Powers, CEO of CMT, commented, "By partnering with Electric Insurance, we are combining our award-winning technologies in the internet of things, smartphone sensing and data analytics with a leading insurer who is committed to providing outstanding service, improving driver safety and incorporating experience-based pricing that is more reflective of risk on an individual level."
Electric Insurance selected CMT as a technology partner based on its successful track record of developing accurate, effective, user-friendly smartphone applications for the insurance industry.
Over the past five years, CMT has pioneered behavior-based insurance with smartphones, and has seen successful deployments with leading customers and partners in North America, Europe, Africa and Asia.
"We are starting our pilot in Ohio and expect to expand across the United States," Seymour stated. "Providing solutions that improve the well-being and experience of our customers is integral to our business strategy.
"Collaborating with CMT allows us to support our customers with the latest technology that improves their safety while driving, and helps ensure a driver's premium directly correlates to his or her behavior."
The partnership combines the latest advancements in mobile sensing, data analytics and machine learning from CMT with a leading U.S. insurance service focused on customer satisfaction, security, and safety.