Abstract:
UBI uses telematics, on board diagnostics, blackboxes, smartphones, etc to monitor how much the vehicle is driven, where it is driven and how it is driven (acceleration, speeding, braking, collisions). The real time monitoring data is collected and then using AI formulations analysed for the insurers to understand the risk they carry; thus to underwrite it. The information is more immediate and more accurate in reflecting the true risk profile of a driver than the current methods.
