Nationwide taps TrueMotion to tackle distracted driving
In View Summary
Nationwide Insurance, one of the leading US-based insurers has partnered with TrueMotion (formerly Censio) to enhance Nationwide’s SmartRide program by collecting critical data on distracted driving.
Essentially, Nationwide’s SmartRide is a usage-based insurance (UBI) program, which comprises of a device and a mobile application. The device monitors drivers driving skills and assesses him/her based on miles driven, night time driving, hard braking, and fast acceleration. The data is readily accessible on the application/desktop and a discount is provided to the user based on his/her driving score. The discount typicaly ranges in between 0-40%, a significant saving for the average Nationwide policy holder.
Nationwide’s SmartRide is a usage-based insurance (UBI) program which comprises of a device and a mobile application
TrueMotion’s smartphone UBI and behavior-based insurance (BBI) technology will help the SmartRide program by collecting granular data on the frequency and type of distraction while driving and issues a score between 0-100 to guage their distraction levels.
TrueMotion’s smartphone UBI and BBI technology will help the SmartRide program by collecting relevant granular data
The integration will deliver key information on the prevalence of distraction which can be used for R&D purposes such as determining whether distracted driving is predictive of future loss. It can also help Nationwide to better evaluate and modify its customer risk profiles.
“It is critical for insurers to gain a better understanding of the impact of distracted-driving. Collecting data through our partnership with TrueMotion will provide us with information that can help us better understand the effect of distraction. These insights will ultimately help our members establish safer driving habits,” said Teresa Scharn, Nationwide’s Associate Vice President for Product Development.
With this partnership, Nationwide has joined the league of Metlife, Travelers and Progressive who are TrueMotion’s recently signed up customers.
Benefits to customers
Real time decision making
Improved claim processing
Benefits to insurers
Reduced operational costs
Improved customer engagement
Improved processing time
Preventive as opposed to reactive risk management
The Digital Insurer's View
This partnership between Nationwide and TrueMotion is an obvious synergy. The partnership ultimately provides consumers with the benefit of personalised auto insurance premiums and ancialliary services that propogate safe driving. TrueMotion helps Nationwide leverage data from user interactions and smartphones, thereby helping insurers suggest the right discounts and right policies to their users.
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