DriveQuant: smartphone telematics for a safer and more sustainable mobility
Connected motor insurance and eco responsibility (ESG) get growing interest from the automotive and insurance industry. Both the pandemic that caused people to drive less frequently and the growing concerns about the environment led to this trend.
Insurers are adding carbon offset services to their motor product and finally seem to embrace the possibilities that telematics bring. With telematics, policyholders become “prosumers” who play a key role in the design of their policies and benefit from valuable services such as real-time accident detection and assistance, coaching and rewards for continuous behaviour improvement as well as eco-driving programs.
Part of the FairConnect group, DriveQuant focuses on motor insurance, designing and operating solutions to help insurers co-design connected and usage-based insurance (UBI) programs with individual risk profiling, fairer pricing, positive underwriting and better knowledge of policyholders, advanced prevention, automation of claims processes, fraud detection, and theft tracking.
How does it work? DriveQuant services can be seamlessly integrated into existing mobile applications via
Software Development Kits (SDKs) or can be deployed through Application Programming Interfaces (APIs) and turnkey white label applications.
The solutions are available as a whitelabel app that allows for an easy start into telematics, especially compared to device technology. Insurers who already have telematics experience and aim to scale, the SDK (called DriveKit) is a solution that is easy to integrate in any mobile app and allows an insurer to design a unique solution, with similar features to those available in the white label app: driving data collection, prevention through gamification, crash detection et cetera.
Both in the whitelabel app and the SDK, the solution offers not only conventional telematics features but also an energy analysis of the trips (fuel consumption, energy efficiency and CO2 emissions) to help drivers measure and reduce their environmental footprint.
This enables insurers to launch connected programs that are sustainable at the same time on the financial aspects (prevention to reduce risk, better customer relationship and claims management), and for the planet with the reduction of the CO2 emissions.
Why did we select DriveQuant to DIA Amsterdam 2022?
Telematics and sustainability are unmistakably a big source for innovation in insurance. DriveQuant has solutions that enable both new players and existing telematics insurers.
At DIA Amsterdam Philippe Moulin, Founder and CEO DriveQuant, will demo its mobile app and how the SDK can be installed in a mobile app. In addition it will share the results of a challenge DriveQuant organised with its platform and compare driving distraction before, during and after the challenge.
Who is DriveQuant?
DriveQuant was founded in February 2017 after several years of research and development at IFP Energies Nouvelles (IFPEN), a French institutional player in research and training in the energy, transport, and environment sectors. Since then, it raised more than €5M, has acquired more than 40 customers and is now active in more than 10 countries. Covea and MAIF are two of their insurance clients. Since 2020, DriveQuant is part of the FairConnect group, a European player in connected insurance technology for motor, property and health insurance. It provides services to more than 750,000 active policyholders worldwide.
“We founded DriveQuant to help the motor insurance industry reduce its environmental footprint. Our solution, based on smartphone data, makes it possible and at the same time brings prevention, assistance, better pricing”Philippe Moulin – Founder & CEO
As always here’s their website!