720344Risk Technology Ltd. - Advanced Telematics and Crash Analysis PlatformClosedGRD Development of PrototypeInnovate UKThe cost of car insurance in the UK continues to rise driven by accident claim rates & an increasing pool of younger drivers. In December 2012 legislation came in to force banning insurers from pricing based on sex dramatically impacting pricing across the industry, particularly on younger & older drivers. To help assess risk, some insurers have introduced black box telematics for young drivers that relay information on driver behaviour to a central database allowing insurers to gauge policy cost according to driver history. Many drivers want to reduce their insurance costs & often feel they are unduly penalised due to the generalised historical risk models adopted by insurance companies. These spiralling costs have driven a rise in fraudulent claims in the industry to offset insurance fees. Due to the costs involved, telematics technology has only been viable by decreasing policy prices of >£1500 to around £500-£600. Risk Technology already provides first generation telematics & data analysis to insurance companies. In this project, Risk Technology aim to develop a high tech, low cost black box with innovative sensor technology linking with a vehicle’s on-board data bus. They will also develop a cloud hosted data infrastructure with highly novel driver behaviour scoring algorithms & crash analytics to better assess claim scenarios. Since 1996, insurers have paid out more in claims than they have received from customer premiums [A3.1] (Assoc. of British Insurers 2010). A major insurance company (10% of market – total market £13.3Bn pa) is keen to adopt & promote the technology if it can be developed affordably & offer accurate driver behaviour & crash recognition feedback to reduce fraud (1 in 6 claims are fraudulent costing >£2Bn pa – ABI). The new technology will be viable at initial insurance premiums of £500 - £600 with the aim to reward careful drivers & reduce these to £250 - £300. Drivers, insurance companies & the wider public will all benefit.