The global InsurTech market size is expected to grow to US$168 billion by 2030. We enabled our Client to launch a disruptive vehicle insurance product

Our AI/ML solution derives a driver score using telematics and other data to determine driver risk profile and adjust the premium based on real-time events such as driving behaviour, parking location, weather etc.

What we were solving for

Customised pricing: Traditional models do not incentivise safe driving behaviour, as there is no direct correlation between driving behavior and insurance premiums. Higher insurance premiums to safer drivers can lead to dissatisfaction among customers, leading to churn and loss of revenue

Data infrastructure: A robust data and AI platform needs to be developed to capture and process the quantum of data from multiple internal and external sources, to calculate premums

OptiSol solution

Our solution aggregates data from various sources – telematics devices measure truck’s acceleration events, breaking events, location, etc. Cameras capture driver behaviour. Weather and traffic data are captured from external systems. Historical claims data helps to assess the risk of the routes

Our algorithm calculates driver risk score automatically which enables further determination of custom-tailored premiums

Insurance providers and the truck drivers can see the score. The driver can also use the score to improve their driving behaviour in future to improve safety and reduce costs

Setup a pipeline using AWS Glue to process telematics data, built a FastAPI server to fetch driver scores and driver IDs

What our Clients say

"They are very responsive and able to shift focus quickly as we have needed it for business reasons."

"They [OptiSol Business Solutions] have been very friendly and they kept up with the work. They did the job as we had discussed and as everything was arranged."

“I can't speak enough about how pleased I am with their process; it was seamless and efficient.”

"What impressed me the most was their willingness to go above and beyond what was asked."

"We're constantly impressed with their speed and quality of the development that they achieve on a consistent basis."

The best part about working with OptiSol Business Solutions is their commitment to being readily available to their partners. They’re even willing to work into late hours of the night depending on time differences. The solution they produced has already doubled efficiency levels.