Safety Tag allows the easy, precise, and cost-efficient collection of driving data for UBI insurance
According to the World Health Organization (WHO), around 1.35 million people die in traffic accidents every year. In addition, another 20 to 50 million road users suffer non-fatal injuries. Estimates suggest that traffic accidents will even become the seventh leading cause of death worldwide by 2030 if no countermeasures are taken. UBI insurance is now here to save and protect those lives.
Better drivers thanks to UBI
Usage-based insurance, in short UBI, is an innovative insurance concept that enables insurance companies to collect individual driving data, provide feedback on driving performance and offer discounts based on a driver’s behavior. In short: If you drive more carefully, you pay less for your insurance.
UBI insurance thus provides an incentive to drive with foresight. Because drivers, in turn, learn to drive better, many accidents can be avoided, and lives be saved. This effect was even shown in a study by Mark Stevenson et. al: The drivers who received both feedback and financial incentives for better driving behavior drove significantly less risky than the control group.
Another study on sensor data, data protection and behavior tracking also observed that UBI users reduced their number of full brakes by 21 percent within 6 months. Therefore, UBI clearly influences the driving behavior of drivers.
Simple data collection with Safety Tag
There are both software and hardware-based options for implanting UBI insurance. However, software solutions do not provide accurate data since the phone is not permanently installed in the car. Hardware-based solutions, on the other hand, are quite expensive.
With Safety Tag, PI Labs has combined the best of both worlds. The hybrid solution is cheaper and provides the insurance company with precise data for their UBI insurance. The Safety Tag is simply attached to the windscreen from where it reliably and precisely provides the necessary driving data for the insurance.
