TrueMotion: Making driving safer and more affordable
TrueMotion uses big data and software to make driving safer and more affordable. The company developed an app that measures driver’s habits using the sensors in their cell phones. The benefit is two-fold. Insurers are able to more accurately price based on actual driving behaviors instead of proxies. Drivers are able to become safer while earning rewards and significant discounts on their premiums. TrueMotion delivers its Software as a Service (SaaS) solution through leading insurers, saving lives and making roads safer for users around the world.
Big data can lead to big savings
TrueMotion offers its solution to insurance companies seeking to reduce costs, develop new insurance products and/or improve their risk assessment capabilities. By distinguishing between safe and risky drivers and rewarding safe drivers insurance companies can reduce claims costs, attract new customers and better retain existing customers. Because TrueMotion’s primary data source is a driver’s phone and not hardware installed in the car, implementation and administration costs for the insurer are cut by more than 50 percent compared to hardware-dependent Usage Based Insurance (UBI) solutions.
How does it work?
The turnkey UBI platform includes a downloadable mobile app that captures and helps improve driver behavior with tailored recommendations while limiting distractions, which are attributed to 80% of all accidents. The big TrueMotion data platform provides clean, comprehensive driving records, driver scores and analytics; and a management and analytics dashboard that allows an insurance company UBI team and customer service representatives to deploy, manage and track a UBI program. TrueMotion can’t reward drivers for driving safe, but they can pass along the information to the insurance company that can offer personalized savings.
Why we selected TrueMotion for DIA Barcelona
TrueMotion recently won an 18-month competitive evaluation by Progressive Insurance in which it outperformed ten competitors. Quite an accomplishment since the genesis of UBI in the US was Snapshot, in 2012 announced by Progressive. It provided visibility into the type of driver and risk they presented; allowing Progressive to offer discounts to safer, low-risk drivers. However, growth barriers included the installation logistics and cost of hardware. Progressive is currently rolling out the TrueMotion technology to a select number of Progressive customers.
Who is TrueMotion
TrueMotion founders Brad Cordova and Joe Adelmann wondered if, and how, they could provide both drivers and insurance companies greater visibility into driving habits without the hassle of installing a device. Cordova, Adelmann and the other co-founders Jon McNeill and Scott Griffith recognized that the increased presence of smartphones, which go where drivers go, would provide a way to see not only what the car was doing, but also what the driver was doing. So they created TrueMotion. The company recently announced a 10 mio USD Series A financing from General Catalyst Partners, Bain Capital Ventures and Lakestar. “70% of good drivers end up subsidizing the 30% of bad drivers. With TrueMotion we bring driver behavior to the insurer and good drivers can see big savings on their premiums. A two-fold benefit. TrueMotion: It’s like a Fitbit for drivers.” Kevin Farell, President TrueMotion
Presenting at DIA Barcelona Vance Loiselle, CEO
Contact info Business Development/Sales: David Morse, VP of Sales, [email protected]
Press/Media: John Williams, PR, [email protected]