Risk Technology Rewards Good Driving

By Jyothi Shanbhag
TMCnet Contributor

Risk Technology has been offering wide range of high performance solutions for managing driver behavior, reducing claims and widening margins in the vehicle insurance market.

The company recently signed partnership agreement with CHIPIN, a new insurance solutions company, to enable it to present a dynamic pricing Usage Based Insurance (UBI) and Fleet Telematics Solution in the Netherlands, Belgium, and Luxembourg. 

The usage of Risk Technology’s telematics solution has empowered CHIPIN to make its footprint in the Benelux market, with a client-focused insurance product named, “fairzekering” for consumers. CHIPIN’s self-installable OBD device assists the driver to view a score created on their driving ability. In addition, the safe drivers are rewarded with a cash back payment of up to 35% of the monthly premium.

“We support our clients with expertise and advice, not only on the core technology but also with software integration and having a single point of contact enables a fast and efficient route to market,” says Mark Packman, Managing Director at Risk Technology. 

Packman said that they are dedicated to providing technology that not only rewards careful driving but also helps cut fuel usage and provides motorists with cheaper insurance.

The state-of-the-art device is designed to identify and analyse any impact to the vehicle. It collects and controls critical data from the vehicle's on-board diagnostics (OBD-II) port, which supports all five engine OBD-II protocols and securely carries the information to the Cloud. After this, the 3-axis accelerometer processes driver behavior while a corresponding GPS/GNSS satellite location capability.

Hans Gerritsen, CEO, Chipin, said that they want to demonstrate that customers will benefit from UBI, with more safety, less accidents and fair, dynamic pricing. 

“In co-operation with Risk Technology, which we chose for its advanced platform and technologies, we will deliver and expand this proposition to the Benelux market. We are looking forward to creating a better future for our clients with Risk Technology," Gerritsen added.

Risk Technology currently works with insurance companies, leasing and fleet management providers, national retailers, automotive suppliers, telecommunication companies, roadside assistance.