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Insurance Risk Assessment – Determine policy premiums using Telematics
An insurance company employs Telematics to determine appropriate insurance policy premiums and perform accurate risk assessment. The insurance company was in need of a smarter new age solution that could determine suitable policy premiums for the vehicles by taking into account various metrics and vehicle details.
The set targets were
- To determine policy premiums
- To ensure policy rates calculated are accurate in terms of assessing the risk for vehicle insurance
- To track stolen vehicles and save on claim settlements
By implementing the Telematics solution designed by Payoda, the insurer could easily determine insurance premium rates, assess risk involved and also track stolen vehicles that
reduced claims settlement drastically.
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