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Sprint to Enable US Motor Insurers to Track Motorists
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USA based Sprint has started trials allowing motor insurance firms to install M2M modules inside insured vehicles to track movement and driving behaviour.
The "Integrated Insurance Solution" will give insurers the ability to offer customers personalized discounts (or presumably, penalties) based on their driving habits. The vehicle is fitted with a small device that plugs into the diagnostic port. It captures vehicle information and driver behavior data which is transmitted over the Sprint wireless network.
Sprint then analyzes the data with driver scoring software that enables insurance carriers to improve driver risk assessments.
"We have simplified usage-based insurance," said Matt Carter, president-Global Wholesale and Emerging Solutions, Sprint. "Sprint has assembled all the necessary components together so that insurers have a single point of contact for all UBI-related needs. We are working with industry-leading companies to help insurance carriers offer more options and help the policyholders drive more safely and save money."
In addition to "pay as you drive" programs that provide discounts to consumers based on driving behavior, insurance carriers can also offer their customers value-added services such as Web-based tools that let them monitor their vehicle health, get tips on how their driving behavior can be adjusted to be more fuel efficient and even monitor their vehicles' location.
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