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

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.”

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By GlobalData

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.