We are creating a Blockchain ecosystem around the full lifecycle of a customer’s journey within usage based insurance.
The Industry is operating on a slice of available data.
The current usage based insurance market is operating off of fractional data available to their models. Various providers in the space solely rely on odometer readings for a per mile model, voluntary behavior based programs with attached telematic dongles, or mobile devices tied to policy holders. Additionally the current industry is overly reliant on OBD-II Ports and driven by limited telematic data. This creates a market that isn't tailored to the individual policy holders driving behavior and exact usage with some customers paying more than they should for their coverage.
A fully wholistic usage based insurance model is built on the notion of connected identities across a spectrum of entities. Here we have global registries of vehicles, policy holders, payment providers, hospitals, banks, mobile devices, repair facilities, and insurance providers. The associations and links between these ids allow for the vehicle to act as the lynchpin to associate a wealth of data into the insurance model.
Dynamic Usage Based Insurance Policies
If we now open up the taps to the data flowing from a car and it's connected identities we no longer are limited to a usage based insurance model that is limited by slices of available data. We can now create a truly personalized experience where customers are charged based not only on distance but driving behavior, time of day, geolocation, and a host of additional data points.
Powered by GemOS
Gem has deployed a highly configured GemOS platform so that all of the participating parties in this complex UBI marketplace can maintain total insight into the system and how it will impact their business. Insurance providers can optimize their unique UBI logic modeling and extend the available data attributes to create an enriched user experience. This complicated web of vehicles and telematics, once seemingly unachievable, is now a reality delivered by GemOS.
As a customer of a GemOS powered usage based insurance model long are the days of general pricing. Customers now have at their fingertips realtime dynamic pricing tailored to their individual needs and usage behavior. This increases customer loyalty, retention, and overall satisfaction.
Entering the Ride-Sharing Environment
With transportation ushering in a new period of innovation and a new, evolving automotive ecosystem turning car-generated data into valuable products and services, the self-driving ecosystem is poised to have a huge impact not only on the new ride-sharing environment, but also on the technical and architectural enablers within the automotive industry.
A budding blockchain hub in Los Angeles is gaining traction as digital currencies such as bitcoin heat up amid a wave of speculation.
Companies such as Venice-based Gem are already in the process of developing applications to undercut established business practices using blockchain, which is essentially a ledger that allows the reconciliation of transactions between two or more parties without the need of a centralized system.
The New Mobility Ecosystem
Cars now generate data about how they are used, where they are and who is behind the wheel.
With greater proliferation of shared mobility, progress in powertrain electrification, car autonomy and vehicle connectivity, the amount of data from vehicles will grow exponentially, raising a key question: How might industry players in the evolving automotive ecosystem turn car-generated data into valuable products and services? More importantly, where does the architecture lie to permission and secure that data?
From Car to Super Computer
It is becoming clear that the fundamental concepts of car ownership, ridership and even the physical asset of the automobile itself are about to transform, particularly with the horizon of fully-autonomous vehicles now estimated to become a market reality in 2020.
Brad Smith is joined by Micah Winkelspecht, Founder and CEO of Gem at the Consensus Summit 2017. Winkelspecht notes that this year’s summit was well represented by large enterprise companies, many of which Gem has an interest in working with in the future. He also mentions that many new enterprise companies are stepping into blockchain and that is also exciting for the industry and technology. With the entrance of larger companies in the blockchain sector, it is clear that this technology is quickly moving toward real world applications.
On the same day that Ford officially ousted its chief executive in a bid to remake itself as future-focused vehicle manufacturer, Toyota announced its own steps to embrace technology’s next wave. Andwhile Ford is looking to catch up to the leaders in autonomous and electric vehicle manufacturing, Toyota (through the Toyota Research Institute) appears to be taking the next fork in the road toward enabling that autonomous and electric future.
Toyota Research Institute (TRI) is going big with a bold blockchain strategy.
Imagine a world where automotive vehicles are no longer depreciating assets, but are profit generating machines.