Telematics Data Vendor Evaluation for a Fortune 100 P&C Insurance Giant

Case Study

Telematics Data Vendor Evaluation for a Fortune 100 P&C Insurance Giant 

Business Objective

Our client is a Fortune 100 P&C insurer, leveraging telematics data to assess driver risk profiles and offer discounts on insurance premiums. Telematics data can be sourced from multiple vendors that collect data from a variety of devices. Our client engaged with us to

  • Evaluate the effectiveness of 4 telematics data vendors over the quality of high-frequency sensor data
  • Identify ways to improve model performance (model predicts the premium discounts for varying levels of driver risk)

Challenges

  • Understanding of the complex telematics data landscape
  • Keeping pace with the rapidly evolving Telematics space

Solution Methodology 

  • Assessment of various data capture devices, types of telematics data, and the various data providers
  • Leveraged raw telematics data to detect events, and external map data to determine driving scenarios
  • Event detection, driving scenarios, and smartphone usage data were leveraged to determine contextualized events
  • Vendors were evaluated based on data comprehensiveness, data quality, data type and breadth, costs, provision channel, etc.
  • The developed model predicts the premium discounts for varying levels of driver risk

Business Impact

  • Identified vendors that meet long-term business requirements
  • Identified data feed issues resolved by some of the vendors leading to improvement in data feed quality
  • Harmonization of data received from across devices and vendors, leading to improvement in overall data quality
  • Lift in downstream models’ accuracy due to improvements in data quality
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