Ingenie, an auto insurer targeting young drivers, has selected SAS Office Analytics to analyze large volumes of data on driving behaviors and patterns in an effort to improve customer pricing accuracy and insurance premiums.
Young drivers may lower their insurance premiums by installing an ingenie telematics device, which collects real-time data on driving behavior, including acceleration, speed, braking and cornering, the company said. Ingenie rewards safe drivers with low premiums, and reckless drivers pay higher premiums, which is intended to encourage young people to drive more safely.
“Insurance is expensive for young drivers because one-in-five has a crash within six months of passing their test,” said Richard King, ingenie’s founder and CEO. “The way to help prevent these crashes is to make sure young drivers have the right attitude behind the wheel. That's why we give our customers personal feedback to improve their driving, and reward the safest drivers with quarterly discounts.”
King said the company’s telematics box collects as much as 25 times more data than traditional telematics devices. “This is why we needed the powerful analytics solution we found in SAS,” King said. “The result is that we can educate young drivers to make better, safer decisions on the road and get a fairer price for their insurance."
With SAS, ingenie will be working to increase awareness of telematics and the use of analytics to promote cheaper insurance premiums, and encourage safer driving among young people.
"Ingenie needs a powerful data management solution to maintain its commitment to young drivers, many of whom suffer from negative perceptions with insurers as a result of driving errors from a minority group,” said Mark Wilkinson, managing director, SAS UK and Ireland. “By applying analytics to its data to better understand customer profiles, SAS is delighted to be supporting ingenie in rewarding new, young drivers who sensibly observe the rules of the road."
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