Silicon Valley Open Doors
Driveway is on the forefront of the insurance telematics wave with an innovative and cost effective solution which uses the driver’s smartphone to monitor driving behavior and capture related data. With driving data in hand, carriers are able to determine individual driver risk scores to help make the most informed risk and premium decisions with the goal of attracting and retaining the most preferred customers.
Before Driveway, carriers looking to offer telematics-based insurance products were forced to rely on costly and proprietary devices installed in each insured vehicle, with only the largest carriers able to afford the technology investment and ongoing maintenance. By leveraging the driver’s own smartphone, Driveway puts telematics within reach of any size carrier, enabling them to best evaluate each driver relative to the individual’s driving habits and risk potential.
Similar to the adoption cycle of credit-based insurance scoring, risk scoring is today’s competitive advantage for the early adopter auto carriers and will quickly become a necessity for every carrier to remain competitive in the auto insurance market. With Driveway, carriers can now easily and affordably adopt risk scoring to base risk decisions and auto insurance premiums on individual driver facts rather than broad demographics, credit scores, and assumptions.