Driveway Software, a provider of smartphone-based telematicssolutions for the usage-based insurance market, announces theintroduction of its SmartUBI Platform, an insurance telematicsplatform that includes a smartphone usage-based insurance (UBI)application and cloud based analytics and portals.

Driveway's platform offers carriers looking to enter the UBImarket a quick deployment solution, putting telematics within reachof any size carrier to take advantage of this market segment.

Driveway Software makes entry to the UBI market by leveragingthe insured's own smartphone to monitor driving behavior andcapture data. With the insured's driving data and preliminaryanalytics in hand, combined with SmartUBI's cloud-based analyticscapabilities, carriers are able to determine individual driver riskscores to help make risk and premium decisions.

“With over 150 million smartphones now in use and someindustry analysts reporting that 75 percent of carriers believethat UBI will fundamentally alter the auto insurance industry, webelieve our timing in entering the insurance market couldn't bebetter,” says Igor Katsman, CTO of Driveway Software.

Dave Huber, a telematics industry consultant and president ofKairos Solutions, adds, “Similar to the adoption cycle ofcredit-based insurance scoring, risk scoring using telematics istoday's competitive advantage for the early adopter auto carriersand will quickly become a necessity for every carrier to remaincompetitive in the auto insurance market.”

“While the Driveway name might be new to the insurance industry,we have been around for some time offering our smartphone app toconsumers with over 150,000 drivers already using our software,”says Jake Diner, CEO of Driveway. “Our low cost of entry,proven application, analytics capabilities, telematics expertise,and easy deployment offer an attractive value proposition to anysize carrier looking to offer usage-based insurance. “

The SmartUBI Platform and capabilities include:

• Customized smartphone UBI app for the collection of driver dataincluding driving visualization, driver feedback, gamification andsocial layer

• Preliminary analysis within the app to produce a driving scorewith guidelines customized for each carrier;
• Driving data uploaded to Driveway's SmartUBI cloud servers fora more detailed analysis against a broader data set; and
• Driving data, including scores, transferred from cloud serversto carrier's system via SmartUBI's carrier portal for use inunderwriting, pricing, rewards, incentives, and pay-as-you-gobilling.