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December 22, 2021

Insurtech Paydrive taps CMT to augment telematics capabilities 

Paydrive, an auto insurance firm operating in the Nordic region, has joined forces with Cambridge Mobile Telematics (CMT) to upgrade its pricing engine.

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Through the partnership, Paydrive’s Quarterly Optimized Telematics Algorithm (QOTA) will receive new driving data and rating insights from CMT’s DriveWell platform.

CMT’s Tag IoT device and app-based smartphone telematics will generate data streams that will be used by Paydrive to optimise its pricing.

The platform measure driving behaviours like speeding, hard braking, sharp turns, sudden acceleration, or phone distraction.

Paydrive CEO Carl Johan Thorsell said: “We have tested lots of solutions that combine smartphone apps and tags of various kinds, but none come close to Cambridge Mobile Telematics’ quality and performance. In combination with new cars’ direct connections, this improves ease of use, reduces cost and enables us to reach even more car insurance customers.”

CMT senior vice president of business development & partnerships Ben Bowne said: “We are delighted to work with Paydrive on this unique hybrid model and will wholeheartedly support its expansion in and outside Sweden. Their dynamic QOTA algorithm, which is optimized quarterly, enables great pricing accuracy and fairness.”

In October this year, SWAN, a financial solutions provider, partnered with CMT on a connected insurance program in Mauritius.

Last month, US-based AI-powered insurtech Lemonade brokered a deal to acquire Metromile, which offers bespoke pay-per-mile auto insurance policies.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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