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Increased visibility of automotive risk results in business growth
Technology Category
- Sensors - Autonomous Driving Sensors
Applicable Industries
- Automotive
- Finance & Insurance
Use Cases
- Supply Chain Visibility
- Usage-Based Insurance
The Challenge
Acorn Insurance, operating in a highly competitive market, was grappling with continuously squeezed margins. The company was in search of a method to enhance their current premium pricing techniques to deliver fair pricing for traditionally high-risk clients. One of their clients, rentE, an on-demand car hire service, was categorized as high-risk by insurers and was thus restricted by high insurance premiums. Given rentE’s innovative business model, it was clear that more accurate risk insights were needed to obtain a fair premium.
The Customer
Acorn Insurance
About The Customer
Acorn Insurance is a company that operates in a highly competitive insurance market. They were facing challenges with their premium pricing techniques, particularly for high-risk clients. One of their clients, rentE, is an on-demand car hire service that was traditionally categorized as high-risk by insurers. This categorization resulted in high insurance premiums for rentE, which was restrictive for their innovative business model. Acorn Insurance was seeking a solution that would allow them to offer fair and competitive premiums to rentE and other high-risk clients.
The Solution
The solution came in the form of the Quest Automotive Commercial platform. This platform was used to capture and analyze dash cam and telematics data. The analysis provided detailed insights into rentE client driving behavior. This enabled Acorn Insurance to price a premium that was fair, competitive, and reflected the true level of risk within the fleet. By leveraging IoT technology, Acorn Insurance was able to gain a deeper understanding of the risk factors associated with each driver and vehicle in the fleet, allowing them to adjust their pricing model accordingly.
Operational Impact
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