An insurance company employs telematics for insurance to determine appropriate insurance policy premiums and perform accurate risk assessments. 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 for insurance, designed by Payoda, the insurer could easily determine insurance premium rates, assess the risk involved, and also track stolen vehicles that reduced claims settlement drastically.