The UBI telematics programme collects data to assess the risk profile of commercial drivers in order to reward safer drivers.

INTERNATIONAL technology company Green Packet Bhd and underwriting centre Hannover Re SE (HRe) have teamed up for a commercial fleet usage-based insurance (UBI) telematics programme in Malaysia.

The HRe branch here will work with Green Packet on the platform which will use information from telematics data to recommend customised insurance programmes to commercial fleets.

This collaboration will further strengthen Green Packet’s smart mobility strategic initiative to improve the safety of road users.

Using telematics data from plug-in devices installed within commercial vehicles to record driving behaviour information, the Connected Advanced Driver Assistance System (ADAS) aims to reduce road accidents by monitoring vehicles and its surroundings.

It collects critical data such as driver’s speed and braking behaviour, distance travelled and information of its surroundings to automatically alert the drivers when dangerous conditions are detected.HRe is the third largest reinsurer in the world and transacts all lines of property, casualty, life and health reinsurance. It has a network of subsidiaries, branches and representative offices in all five continents with a total staff of more than 3,000.

Under this agreement, Green Packet will provide HRe with commercial fleet telemetry technology that collects data and delivers driver behaviour-based score for analysis, provides recommendations for participant improvement, and enables credits toward insurance premiums based on Hannover Re’s underwriting model.

The data collected will be sent to HRe to assess the risk profile of commercial drivers in order to reward safer drivers.

The collaboration aims to provide data-driven insights that improve underwriting and overall convenience for consumers.

The UBI telematics programme is expected to be launched by the second quarter of 2021.

This collaboration is aligned with the 2017 Bank Negara initiative, “Liberalisation of Motor Insurance Business: Rewarding Good Risk Management.”

The initiative states that the pricing of motor insurance products will be determined by individual insurers based on risk factors and competitive forces.

This allows insurance providers to be more responsive to consumer preferences and market conditions.

It also achieves more impartial pricing which better reflects the underlying risks and appropriately differentiates between good and bad risks.

“Businesses prefer customised and personalised solutions.

“We believe they will welcome this solution as it will not only help them lower insurance costs but give them end-to-end visibility of their drivers’ driving behaviours, thus improving the driving behaviour of their fleet drivers,” said Green Packet group managing director CC Puan.

“With technology advancements in mobile sensing, Internet of things and artificial intelligence, it is now possible to develop new risk mitigation methods that will benefit the wider community, in addition to providing a more impartial pricing metric for drivers,” said HRe Malaysia chief executive officer Daniel Gunawan.

Read more at : https://www.thestar.com.my/metro/metro-news/2020/09/19/improving-road-users-safety-through-telematics