092: Layered Data and the Future of Car Insurance? with Armin Kia - CEO and co-founder of Driverly

<p>Are you intrigued by how machine learning and AI could soon transform the insurance market?</p> <p>Are you starting a new business and looking for some inspiration?</p> <p>In this episode of the Insurance Broker Podcast, we’re thrilled to be speaking with Armin Kia, CEO and co-founder of Driverly, a car insurance subscription service which uses machine-learning software to calculate insurance prices tailored to drivers’ individual habits behind the wheel. In this fascinating conversation with Boston Tullis’ Sarah Myerscough, Armin explains how finding a like-minded team was key to Driverly’s rapid entry to the market and expansion. Furthermore, he explains how the layering of different kinds of data simultaneously can create insurance solutions which fairly and accurately meet the needs of customers, perhaps paving the way for a future of the industry to which data is the key.</p> <p> </p> <p>Quote of the Episode</p> <p>“I think customers are open to sharing their data if there is a good value exchange for them. And by value exchange, I don't mean just price. Yes, price is important. But for a case like ours, where everything is built around that data, I think there's a very good reason for collecting the data.”</p> <p>Driverly works by collecting data about a driver’s behaviour on the road in real time, via an app installed on the user’s phone, which is equipped with highly accurate motion sensors. With the user’s permission, this data is layered with information on weather and road conditions to create a highly accurate profile of a driver’s habits, from which a pricing structure for their car insurance can be built. In this way, the platform more fairly determines how much drivers should be paying for their insurance relative to their ability and safety behind the wheel, and it rewards them for their good driving via vouchers and discounts. Ultimately, the app demonstrates that people are willing to share their data if you can demonstrate that you will use it wisely, and to customers’ advantage and benefit.