ZUG, SWITZERLAND / ACCESSWIRE / April 7, 2021 / Kasko2go is devoted to constructing the primary threat evaluation resolution for the automotive insurance coverage trade primarily based purely on irrefutable knowledge. Over the past 4 years, the corporate has invested important time and sources into growing the infrastructure for offering dependable likelihood assessments of driver accidents by way of its Regular Sigma resolution and carried out in depth due diligence on over 130 potential knowledge suppliers. As a result of complexity of kasko2go’s Huge Knowledge necessities, it has been difficult to discover a supplier that may ship full and correct knowledge in sufficiently excessive volumes essential to generate the accident chances for drivers.
Subsequently, it’s with nice pleasure that the corporate broadcasts a partnership with HERE Applied sciences.
REALLY BIG DATA
Reflecting street situations in actual time
HERE, a worldwide location knowledge and know-how platform, is a number one supplier of site visitors info. The corporate aggregates, anonymizes, and analyzes site visitors knowledge from a complicated mixture of sources. These embrace sensors from related automobiles, related units like smartphones, fastened street sensors, and governmental authorities. Alongside real-time site visitors info, HERE additionally gives entry to an intensive database of trillions of historic site visitors information, offering insights into street situations and analyzing and predicting site visitors.
Knowledge from over 3 million kilometres of street
Kasko2go now receives high-quality and correct site visitors knowledge from over three million kilometres of street within the DACH area, up to date each 5 minutes. This knowledge exhibits the quantity of automobiles passing by means of a particular street section at any time of the day. Mixed with present knowledge sources, together with accident knowledge, HERE’s site visitors feed now types the cornerstone of kasko2go’s total system.
With this closing piece of the puzzle in place, kasko2go now has all the mandatory knowledge for Regular Sigma to ship correct accident chances for drivers to the motorized vehicle insurance coverage trade.
So massive that it takes three months to obtain
Kasko2go has already begun downloading over 27TB (27000GB) of historic site visitors knowledge from HERE, a course of that’s prone to take three months as a result of sheer amount of information. To handle this course of and quantity of information requires an skilled workforce of information scientists by which the corporate takes nice delight.
Oleg Korol, Chief Know-how Officer at kasko2go, states of the partnership with HERE: “This amount and high quality of information is required for our superior AI fashions, and ensures that we offer a reliable threat evaluation resolution to the automotive insurance coverage trade at a time when the sector is evolving.”
BETTER DATA FOR BETTER PRICING
The primary cause for a excessive loss ratio within the automotive insurance coverage enterprise is worth competitors on premiums. Within the case of excessive market elasticity, insurers can solely compete the place their costs are decrease than their opponents, leading to many insurance policies being underpriced.
This example ends in the next precise loss ratio, often known as a “winner’s curse.” The broader the unfold of estimated charges from the proper ones, the stronger the winner’s curse turns into. In a great world, if all premium charges had been set appropriately, there can be no winner’s curse, and the loss ratio can be exactly as anticipated.
Higher pricing may be achieved in two methods. The primary is to make use of a greater mannequin for pricing, which is mostly a core a part of the insurance coverage trade enterprise mannequin. The second means is to make use of higher, extra correct knowledge relating to the likelihood of any particular person driver having an accident. Nonetheless, buying extra knowledge is usually not a part of the insurance coverage course of.
Subsequently, kasko2go gives the insurance coverage trade a possibility to reap the benefits of extra and extra elaborate knowledge relating to the likelihood of motorized vehicle accidents. Nonetheless, kasko2go additionally processes and fashions huge quantities of uncooked knowledge to offer insurers solely with the knowledge straight related to higher threat categorization and helps their pricing modeling processes. In the end, kasko2go goals to make the entire motorized vehicle trade extra worthwhile by utilizing a extra profitable knowledge method.
Genadi Man, CEO of kasko2go, believes that the present trade problem has arisen as a result of tempo of technological change by way of massive knowledge and analytics. In the end, with the entry of corporations that may help the altering digital panorama, the motorized vehicle insurance coverage trade will see extra sustainable enhancements on this regard. Value will proceed to play a key function, however knowledge will change into the primary element of decision-making, resulting in a aggressive edge resulting from decrease loss threat.
Conclusively, it’s the energy of insights that guides enterprise leaders to make smarter choices and generate better revenue. “I’m subsequently very happy to welcome HERE as a brand new companion, as they supply us with an especially invaluable knowledge service” says Genadi Man.
Dieter Lange, Head of Associate Gross sales EMEAR at HERE Applied sciences, provides: “We’re excited to collaborate with a companion like kasko2go, bringing data-driven innovation to the insurance coverage trade. It’s nice to see our complete site visitors knowledge utilized in a means that helps kasko2go’s imaginative and prescient to extend the profitability within the motor insurance coverage course of by means of cell know-how and large knowledge. That is why we’re pleased to additionally present extra gross sales help to kasko2go throughout the framework of our HERE companion program.”
Kasko2go is an organization that develops technologically superior options for the automotive insurance coverage trade. By the usage of massive knowledge, smartphone apps and integration programs, distinctive algorithms are being developed to dramatically enhance insurance coverage processes and profitability. The corporate’s mission is to create worth for all market members, from insurers to motorists to non-public customers, utilizing state-of-the-art know-how.
The most recent enterprise resolution allows automotive insurance coverage firms to determine the accident likelihood of their insurance coverage clients and thus to construction their portfolio profitably. On this means, drivers may also profit from extra engaging premiums and, typically, this resolution contributes to safer roads. Not like typical telematics options, Regular Sigma makes use of solely confirmed components that affect the likelihood of an accident for calculation functions.
Along with this resolution, kasko2go gives the primary completely free CAR UBI as an open supply. The easy integration by way of SDK or a white label resolution is our funding sooner or later. With this, we’re opening up easy accessibility to usage-based insurance coverage for the world market. The Zug-based firm was based in 2017. www.kasko2go.com.
ABOUT HERE Applied sciences
HERE, a location knowledge and know-how platform, strikes individuals, companies and cities ahead by harnessing the facility of location. By leveraging our open platform, we empower our clients to attain higher outcomes – from serving to a metropolis handle its infrastructure or a enterprise optimize its belongings to guiding drivers to their vacation spot safely. To be taught extra about HERE, please go to www.here.com and http://360.here.com.
Genadi Man, CEO
T: +41 (0)79 852 12 30
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