Insurance Risk Assessment - Determine Policy Premiums Using Telematics

Case Studies > Insurance Risk Assessment – Determine Policy Premiums Using Telematics

BFSI

Insurance Risk Assessment – Determine Policy Premiums Using Telematics

An insurance company employs telematics for insurance to determine appropriate insurance policy premiums and perform accurate risk assessments. The insurance company needed a smarter new-age solution to determine suitable vehicle policy premiums by considering 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.

BFSI

Insurance Risk Assessment – Determine Policy Premiums Using Telematics

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