DriveQuant: smartphone telematics for safer and more sustainable mobility
Telematics has been a long-discussed topic with insurers. For many years insurers are trying to find the best use of the driving data that is available through technology in the car or smartphone. With a success rate that differs per country and per proposition. More and more chances of success are increasing, maybe because people get used to sharing data – provided they get value in return – but the trend towards sustainability and ESG norms also helps in getting traction.
Being part of the FairConnect group, a European leader in connected insurance, DriveQuant focuses on motor insurance, designing and operating solutions to help insurers to co-design connected and usage-based insurance (UBI) programs. As a result, insurers are able to offer individual risk profiling, fairer pricing, positive underwriting. In addition, this adds to better knowledge of policyholders, advanced prevention, automation of claims processes, fraud detection, and theft tracking.
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 behavior improvement as well as eco- driving programs.
The solution enables insurers to launch connected programs that are financially sustainable (prevention to reduce risk, better customer relationships and claims management) while bringing a strong ecological positioning (reducing C02 emissions).
How does it work?
DriveQuant services can be seamlessly integrated into existing mobile applications via Software Development Kits (SDKs) or deployed through Application Programming Interfaces (APIs) or delivered through turnkey white label applications.
For insurers who have already experienced telematics and want to scale up, DriveQuant provides its SDK called DriveKit. This can be integrated into any mobile app and allows for designing a unique solution.
For insurers who are new to telematics or connected programs, DriveQuant’s white label app is a more logical choice. This white label app brings exactly the same features as the SDK DriveKit: driving data collection, prevention through gamification, crash detection et cetera. The white label app is reliable, sustainable, easy, and low-cost, thus ideal to experiment and launch new programs instead of going full-on with traditional telematics devices.
Both the SDK and the white label app offer the conventional telematics features yet in addition, it provides an energy analysis of the trips (fuel consumption, energy efficiency, and CO2 emissions), to help the driver measure and reduce his/ her environmental footprint.
Why did we invite DriveQuant to DIA Munich 2022?
DriveQuant was founded in February 2017 by Olivier Grondin (Head of Product and CTO), Philippe Moulin (CEO). This was done 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 the launch 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 key clients.
Since 2020, DriveQuant has been part of the FairConnect group, a European leader 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 collection, makes it possible and sustainable, and at the same time brings to the insurers all the services enabled by connectivity: prevention, assistance, better pricing.“Philippe Moulin CEO DriveQuant
Visit their website here: https://www.drivequant.com/