The insurer will have considerable rating expertise in determining premiums derived from factors such as age of the regular driver, where the vehicle is mostly kept and the use to which vehicle is put etc. Such rating can be defined as “derivative based rating”.
Vehicle use profiles provide profiles based on actual vehicle use as well as the locations where the vehicle is parked when not in use.
There are various methods that can be used to bridge the gap between a “derivative rating system” and a “use profile rating system”. The Insure Telematics’ Solution is a flexible solution allowing each insurer to bridge the difference between rating systems in a manner most appropriate to it’s rating philosophy.
Insure Telematics’ experience will also assist the insurer in bridging the difference between rating systems in the most effective and efficient manner appropriate to the insurer’s marketing strategy and rating philosophy.
The insurer’s server controls all the insured vehicle’s and customer’s insurance data. This data will include selected data about the device providers management of the device.
The data will also include data received from Insure Telematics’ Rating Engine, namely the insured vehicle’s user profiles and / or insurance premium derived from these profiles.