Adiona achieves global industry first in ‘ground-breaking’ driver data technology pilot
05 October 2021 – London, UK – UK start-up Adiona has successfully piloted its ground-breaking driver data-tracking technology, becoming the world’s first insurtech to surpass incumbent grade premium pricing and rating at scale.
During this week’s global InsureTech Connect (ITC) event in Las Vegas, the company is demonstrating its proprietary solution, showcasing how it’s successfully tracked a cross section of UK drivers’ data. This process involves direct communications with the participating motorists, across a range of devices, advising in real time how their driving behaviour impacts on their insurance premium.
Working alongside its strategic technology partners World Programming, Duck Creek, Microsoft Azure, and Trakm8, Adiona has leveraged its proprietary AI/ML algorithms to achieve this milestone with unprecedented speed.
Launched in London last month, Adiona will offer consumers a new type of motor insurance: an end-to-end, full-stack, digital-first approach delivered on a mobile phone. Leveraging real-time secure driving data, the customer’s premium is dynamically priced on how they drive, what they drive and the road conditions, rather than pre-digital demographic factors like age, gender, income, location and occupation, the current model typically used within the insurance industry. Technology-enabled underwriting can lower loss ratios by up to 50% offering the customer better value and improving retention.
Speaking from the ITC Conference in Las Vegas, Adiona CEO Paul Harvey said: “We are very excited to have completed this successful pilot which marks a ground-breaking moment for the global insurance industry. We have fully integrated Duck Creek, its telematics service provider (TrakM8), and its proprietary World Programming analytics engine.”
“This week in Las Vegas, we are now demonstrating integration of live UK drivers’ behaviour from multiple vehicles and, uniquely, from multiple types of devices. We’re then processing this data at scale in real-time through Duck Creek policy and rules engines and instantaneously communicating with customers through their mobile app giving them real-time messages or midterm adjustments on their motor insurance policies. This ability to deliver device agnostic real-time pricing and rating adjustments is a key industry differentiator and it sits at the core of our aim to bring fairness and transparency to the UK motor insurance market.”
For live demonstration details at InsureTech Connect Las Vegas, contact [email protected]
Issued by:
Bill Shaw; Tanya Binks
FOUR PR & Marketing
T: 07974 720669 (Bill) ; 07929 206955 (Tanya)
E: [email protected] ; [email protected]
Laura Grace Pustmueller
Caliber
Marketing & Events Executive
p. 888.550.6385 ext.12
m. 214.718.4441
About Adiona
Adiona is a new motor insurance brand that is fair, transparent and puts the customer first.
Through the use of innovative technology, we analyse individual’s driving data in isolation so that we can offer customers motor insurance priced on their actual driving and not based on algorithms and averages of other drivers.