Telit, a global enabler of the Internet of Things (IoT), has announced that it has been selected as the IoT Cloud platform service and connectivity provider for Jooycar connected car telematics. Jooycar’s exclusive scoring algorithm enables actuarial teams to include new variables and data predictors for more precise risk calculation with Usage Based Insurance (UBI). T
Jooycar is the first company founded in Latin America with vast experience in mobile developments and in the Internet of Things (IOT) to offer a comprehensive telematics platform “connected car.” With the goal of making driving safer, smarter, easier and less expensive – Jooycar delivers enhanced end-user services for consumers and creates new business opportunities for the insurance, telecom and automotive industries by leveraging real-time big data sourced from cars and drivers. With UBI, drivers can enjoy lower premiums as well as being incentivized to drive more safely
Maria Paz Gillet, Jooycar CEO said of the announcement that:
“We are pleased to enter into this relationship with Telit. For UBI to be successful, insurance companies require the collection of a broad data set as well as software that creates greater meaning from the driving metrics. Our algorithm, paired with the Telit IoT Portal has made it possible for actuaries to make decisions that are more informed, ultimately reducing their risk.”
Jooycar’s end-to-end cloud-based Insurance Telematics Platform focuses on creating value for the final consumer and enhancing the policyholder´s experience with the insurance company. Their UBI solution includes: telematics data collection (OBD2 device, smartphone and hybrid data source), processing, scoring, and storage; driver behavior rewards, automatic crash notifications and a number of value-added services related to smart roadside assistance.
Jooycar has selected Danlaw’s DL750 OBDII, an industry leading UBI connected car solution, which has also proven ideal for use by auto dealers for Lot Management. The Danlaw DL750 utilizes Telit’s ultra-compact GSM/GPRS cellular module for communication of critical vehicle and location information. This makes it possible to locate vehicle inventory and monitor battery conditions – ensuring high reliability and a successful test drive experience. . Drivers also gain the safety and security of smart roadside assistance and a user-friendly app that makes it easy to manage their vehicle’s use and schedule preventative maintenance.
Fred Yentz, Telit IoT Platforms CEO added that:
“Telit devices and our platform have an unmatched reputation for reliability and scalability, giving Jooycar and its customers a solution that delivers real peace of mind. UBI has the potential to reduce risk for insurance companies and lower the cost of insurance for safe drivers, and having accurate and complete data makes this a reality. The Jooycar app is powered by the data from the Telit portal so that users have 24/7 access to real-time information.”
Telit (AIM: TCM), is a global player in Internet of Things (IoT) enablement. The company offers the industry’s broadest portfolio of integrated products and services for end-to-end IoT deployments – including cellular communication modules in all technologies, GNSS, short-to-long range wireless modules, IoT connectivity plans and IoT platform services. Through the IoT Portal, Telit makes IoT onboarding easy, reduces risk, time to market, complexity and costs for asset tracking, remote monitoring and control, telematics, industrial automation and others, across many industries and vertical markets worldwide.
Jooycar is a B2B2C platform for connected-car services focused on making driving safer, smart, easier and less expensive. Jooycar telematics-based technology, leverages real-time big data sourced from cars and drivers to deliver enhanced end-user services (B2C) and create new business opportunities for the insurance, telecom and automotive industries (B2B). Jooycar uses the power of telematics and smartphone-based data to deliver valuable connected services that enable new experiences to our customers as well as consumers and small businesses. The company was formed in 2014 by a team with extensive experience in digital marketing, innovation, mobile technology and big data, and is headquartered in Santiago, Chile.