By: Luke Jones, Published on March 7, 2017 02:25 PM, Last Update on March 7, 2017 01:43 PM
A new application has launched in Canada, giving users telematics tools that help insurance companies evaluate drivers. DrivSafe is developer by Boston, Mass.-based telematics solutions firm and is available for download in Canada now.
The DrivSafe app uses telematics technology to monitor how a driver uses their vehicle. This information can be passed to insurance companies for them to analyze driver performance and potentially give out discounts on auto insurance premiums.
Telematics are becoming more popular amongst consumers because the technology promotes an only pay for what you use model in auto insurance. Canada is still in the process of rolling out telematics solutions, while other countries have more robust systems in place.
“Since traditional methods for auto insurance pricing relies on socio-economic profile and does not take into account actual driving behavior, DrivSafe mobile telematics offers an economical way to improve pricing accuracy by including driving habits into the traditional pricing process,” DrivSafe said.
Customers can download the app iPhone and Android smartphones, through the Apple App Store and Google Play Store. DrivSafe is free to use.
The developers point out that the app is built from proprietary software that monitors driver actions on several levels. For example, the technology evaluates speed, time of day, distractions while driving, distance travelled, and amount of vehicle use.
“These dimensions have been shown to correlate with the chances of getting into auto accidents,” the release said.
Upon installation, the DrivSafe app monitors driver activity for seven days and issues a grade score between A(best) and F(fail). Drivers could then put tips and advice from the app into action and improve their driving behaviour.
“This would help individuals save money on their auto insurance premiums and improve overall road safety,” the company said.