Telit | Jooycar Offering A New Solution For The Usage-Based Insurance Market

Jooycar sought to provide an end-to-end, cloud-based insurance telematics platform focused on creating value insurers and enhancing policyholders’ experience. Its usage-based insurance (UBI) solution demanded various data inputs and outputs, including automotive data collection, user data collection and output to many possible data bases and applications. To create such a flexible smart car platform, Jooycar enlisted the help of Telit’s IoT technology and expertise.

The data-centric approach of Telit IoT Platform gave Jooycar a broad range of functions related to data collection, data transport, data storage and data delivery. The company took advantage of a variety of approaches for creating dashboards, web-based and mobile apps as well as integrating with enterprise systems or cloud-based big data analytics solutions.

• [Data Management - Data Analysis]
  Jooycar’s selection of IoT hardware and software ushers in the era of truly connected car via telematics data collection through an OBD2 device, smartphone and hybrid data source; data processing, scoring and storage; and rewards based on driver behavior. 
• [Data Management - Data Accuracy]
  Jooycar’s exclusive scoring algorithm enables actuarial teams to include new variables and data predictors for more precise UBI risk calculation. This driver score considers factors such as drive times and schedules, as well as variables related to driving habits.
• [Product Improvement - Market Opportunities]
  Jooycar plans on using the rich enterprise integration capabilities of the Telit IoT Platform to further develop their customer base of automotive fleet managers, insurance companies, individual automobile owners and service and repair vendors. The platform’s enterprise integration features enable Jooycar to adapt its IoT deployment to fulfill new business opportunities at a moment’s notice.