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IoT- driven insurance innovation

An Italian Business consulting firm Simplecemente Srl. decided to capitalize on it’s expertise in insurance industry and introduce a concept of car insurance- Pay How You Drive. The idea behind was to design electronic device that shall capture acceleration of cars and transfer to the central server for further processing, analysis and driver behaviour profiling. Additionally, these data shall be used to reproduce accident details to minimize fraud.

Semplicemente has worked together with Invento Labs on Sicuritalia Salvo Persona project and contracted the company to create a working prototype/proof of concept of the new Electronic Insurance system.

Simple Solution for Complicated Problem

There was a major challenge the partners have faced with: the device shall be small, cheap and with long-lasting battery. The final decision was to design a small accelerometer that captures and stores raw data on acceleration in 3 axis, and use smartphone as a communication proxy. The device transfers data to mobile via NFC and then mobile sends data to data centre via secure https connection.

After accident the mobile application will run a simple Accident Report wizard , taking data from gyrometer, GPS and other sensors, built into smartphone and then send data to data centre for further analysis.

Data-driven insight into driver behaviour

Data retrieval and warehousing was just one part of the system. Another important part  was data analysis and visualization tool. By analysing accelerometer data the system creates driver behaviour pattern and enable insurance company to offer special insurance conditions. In addition to it, after accident reports are processed to re-produce the accidents and visualize possible impact.

“This project has been purely an R&D assignment. Invento had quickly engaged their R&D team, augmented it with an external scientist and an electronics engineer, and finally got the job done. Concept has been proven and now we are exploring the opportunities to develop a full-functional e-insurance platform.” – said Ettore Sforza, Managing Partner at Simplecemente Srl.

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