Kasko2go partners with HERE technologies to reimagine driver risk assessment
kasko2go will be able to provide insurance companies with better insights about their customers and the risks that each individual driver presents.
Kasko2go, a revolutionary insurtech company has just announced that they are partnering with HERE Technologies to build the first risk assessment solution for the car insurance industry based purely on irrefutable data.
Kasko2go made the decision to partner with HERE after carefully evaluating over 130 potential data providers. The partnership was formed to help kasko2go secure the incredibly high volumes of data that it needs to operate Normal Sigma, a new risk assessment agency for the car insurance industry.
The Problem that kasko2go is Trying to Solve
Kasko2go, through its Normal Sigma product, is trying to reduce high loss ratios in the car insurance industry. High loss ratios occur, in part, because insurance companies are overly reliant on data from motor vehicle records (MVRs). This data can include things like age, address, driving experience, and claim history. While data from MVRs are helpful, alone, it does not allow actuaries to evaluate and predict the risk of loss in a meaningful way.
Kasko2go aims to use big data to develop a comprehensive understanding of risk, significantly greater than what can be understood from MVRs and traditional telematics solutions. Through Normal Sigma, kasko2go will provide insurers risk assessment reports on individual drivers. Insurers can then use this information to price premiums in a way that both rewards low-risk drivers while protecting them from high-risk drivers.
Insurance companies that use Norma Signal will be able to attract more customers by offering lower rates for low-risk individuals and will be able to accurately identify high-risk individuals and price premiums effectively for these people as well. Making smarter and more profitable decisions on a consistent basis will inevitably reduce their loss ratios.
The Role of HERE Technologies
Seeing first-hand the inadequacies of solutions on the market, the team at kasko2go invested significant time and resources into developing the infrastructure for providing reliable probability assessments of driver accidents. A major finding was that traditionally thought of high-risk indicators such as speeding played only a minor role in predicting accident sequences. Traffic density, on the other hand, was identified as one of the most important factors in the occurrence of accidents.
HERE Technologies is a global location data and technology platform that is a leading provider of traffic information. This company collects vast amounts of traffic data from sources such as fixed road sensors, government authorities, and sensors from connected vehicles. Additionally, HERE also has a database of trillions of historical traffic records. As part of its partnership, HERE will allow kasko2go access to this information to support their Normal Sigma solution.
Oleg Korol, Chief Technology Officer at kasko2go, states of the partnership with HERE: “This quantity and quality of data is required for our advanced AI models, and ensures that we provide a trustworthy risk assessment solution to the car insurance industry at a time when the sector is evolving.”
Catapulting Insurance Forward With Big Data
Technology is helping to solve major problems in the insurance industry such as high loss ratios for auto insurers. Kasko2go is at the forefront of the rush to improve driver profiling and premium pricing to help insurers boost profitability.
Thanks to its new partnership with HERE Technologies, kasko2go will be able to provide car insurance companies with significantly better insights about their driver customers and the risks that each individual driver presents. This information is incredibly valuable to auto insurers and could cause them to change their entire business model for the better.