Cambridge Mobile Telematics and Germania Insurance Partner to Launch Behavior-Based Auto Insurance Solution
Joint venture between award-winning, global smartphone telematics provider and leading insurer brings a new telematics program to Texas.
CAMBRIDGE, Massachusetts, December 15, 2016 (Newswire.com) - Germania Insurance, a leading provider of home, auto and life insurance for Texas’ residents, and Cambridge Mobile Telematics (CMT), a global technology provider using advanced mobile sensing, data analytics and behavioral science, announced a partnership to develop and launch a telematics insurance program for Germania’s auto policyholders utilizing CMT’s award-winning DriveWell platform.
Germania Insurance is launching SafeScore, an easy-to-use smartphone app and tag solution powered by CMT. SafeScore allows drivers to monitor mileage, smoothness, time of day, road type, and phone movement for every trip taken, all while having limited impact on battery life. Each trip is logged and trip summaries are displayed with mapped routes complete with identified events and an overall trip score. The tag, an “Internet of Things” device for safe driving, links seamlessly with the SafeScore app and CMT’s telematics processing platform. This enhancement connects a behavior-based mobile application to the vehicle, accurately and comprehensively assessing both driver and vehicle. It also provides real-time collision detection and impact alerts.
“Germania looks forward to offering a product with CMT that encourages our auto policyholders to drive safely and rewards them frequently,” said Kelleen Arquette, Director of Actuarial at Germania. “Our goal is to engage our policyholders to think about their driving behavior and not just drive out of habit. Through regular contact with the app, push notifications and emails, we want to make safe driving fun and rewarding. In addition, it will be a wonderful tool for correcting unsafe cell phone usage as well.”
With behavior-based insurance quickly gaining momentum, insurers are seeking innovative ways to introduce telematics to their auto policyholders. Through the SafeScore program, Germania plans to reward auto policyholders with gift cards for safe driving habits. Similar programs from CMT have resulted in an average reduction of 35% in phone distraction, 20% in hard braking, and 20% in at-risk speeding all within less than 30 days of using the program.
“By partnering with Germania Insurance, we are expanding our powerful innovations in smartphone sensing and data analytics with a leading insurer who is committed to improving safety and convenience for their auto policyholders,” said William Powers, Chief Executive Officer, Cambridge Mobile Telematics. “We have successfully launched behavior-based programs for safe driving in 14 countries using mobile apps like SafeScore. Behavior awareness, especially tied to rewards, is an effective way to improve driving performance and lessen distraction.”
About Germania Insurance
Headquartered in Brenham, Texas, Germania has grown into the largest farm mutual insurance company in Texas. It is comprised of subsidiary companies, Germania Insurance Company (1978), Germania Life Insurance Company (1983), Germania Fire & Casualty Company (1984), Germania General Agency (1986), Germania Select Insurance Company (2002) and Texas Heritage Insurance Company (2006). These companies enable Germania to offer a full range of insurance products – home, auto, liability, commercial and life insurance, plus the financial services of Germania Credit Union, a member–owned credit union.
About Cambridge Mobile Telematics
Cambridge Mobile Telematics (CMT) makes roads and drivers safer around the world. Founded in 2010 by two MIT professors and experienced entrepreneurs, CMT pioneered telematics for behavior-based insurance (BBI) and deployed the first solution to provide both traditional vehicle-centric UBI and BBI. With over 20 customers in 14 countries, CMT has a proven record of changing driver behavior: an average reduction of 35% in phone distraction, 20% in hard braking, and 20% in at-risk speeding all within less than 30 days of using the program. For more information, please visit cmtelematics.com and follow on Twitter @cmtelematics.
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Source: Cambridge Mobile Telematics