ThingCo collects data every second with its wireless telematics device Theo and ensures precision in identifying speeding events.
ThingCo accurately identifies customers exceeding the speed limit, engaging directly with the driver at the right time, via the ThingCo app, to encourage them to slow down and stay within the speed limit.
In addition, along with achieving a 25% reduction in speeding events, Theo and ThingCo can also identify in real-time high-risk speeders who attempt to tamper with their device after notification that they have been caught speeding.
ThingCo’s Theo device is self-installed, solar powered so there are no wires to connect and delivers highly granular data to ThingCo for insurance providers to use in underwriting, risk mitigation and at claim.
Jonathon Valentine, CIO for ThingCo, said: “Road Casualty rates are returning to pre-pandemic levels according to official statistics. What many people don’t realise is the massive increase in risk by driving just a few miles over the speed limit. When it’s done well, telematics can play an active role in cutting accident risk by allowing insurance providers to engage and educate customers in a way that leads to a direct correction of driving behaviour.
“Aside from the emotional and financial consequences of an accident, fewer collisions means lower loss costs for insurance providers. With claims inflation continuing to impact the sector, insurance providers need to consider how they can maximise the value they can gain from telematics.”
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Also in telematics, US-based insurtech company Nirvana raised $57m in its Series B funding round led by existing investor Lightspeed Venture Partners.
Established in early 2021, Nirvana is a commercial insurance platform catering to fleet operators using data from Internet of Things (IoT) devices.
The company plans to use the funding to strengthen its artificial intelligence (AI) and IoT capabilities.
Nirvana will also deploy the new capital to bolster its teams across customer service, underwriting and product development divisions.
According to the insurtech company, it leverages data to offer bespoke insurance rates and reduce costs by up to 20%.