Waterloo, Ont. - Intelligent Mechatronic Systems Inc. (IMS), a of provider of usage-based insurance (UBI) technologies, is launching a year-long iPAID pilot program in North America and the United Kingdom.The pilot will allow the media, advocacy groups and government policy makers to evaluate the effectiveness of UBI programs in improving driver safety, potential insurance savings, and its ability to alleviate traffic congestion and decrease the levels of vehicle-emitted pollutants.
iPAID is a global positioning system (GPS) vehicle tracking system for usage-based insurance. It securely tracks individual trips and accumulative mileage. At a more detailed level, iPAID tracks when, where, how far, how fast and how aggressively a vehicle is being driven.
This information is tracked via GPS satellites and stored on the iPAID in-vehicle device and USB data key. Results are viewed by detaching the data key and inserting it into a computer USB port. Data is encrypted and uploaded to the iPAID server, where it is generated into reports, maps and usage alerts. These reports are accessed via a secure, password-protected Web site.
By providing conclusive proof of vehicle use and driver behavior, iPAID enables drivers to be charged auto insurance rates and coverage based on how often and how safely they drive. This can lead to variable insurance costs, which can encourage less driving, subsequently reducing the number of cars on the road. Fewer cars would mean reduced traffic volume and congestion, and decreased levels of vehicle-emitted pollutants.
With these possible benefits, IMS expects usage-based insurance to become a standard auto insurance offering worldwide. UBI, also known as "pay as you drive," pilots are currently being run in the U.K., the Netherlands, Israel and other countries. In fact, IMS just completed the initial phase of their multi-phase pilot with Winterthur Group (a division of Credit Suisse) in Germany.
The iPAID pilot program is open to accredited media, advocacy groups and government policy makers dedicated to the education and advancement of safe, cost effective and eco-friendly driving. The pilot is expected to launch March 24, 2006 and run for 12 months. Pilot participants will have first access to articles and resources on UBI/pay-as-you-drive pilot programs from around the world.
Source: Intelligent Mechatronic Systems Inc.
