Neoway OBD N2110 Helps UBI Sail Through the Wind and Waves
Since the 21st century, the Internet of Vehicles (IoV) has gradually been applied and promoted in fleet management systems based on communication networks. These applications include the use of GPS locators to upload fleet information remotely and in real time. When American auto insurance companies began to use GPS positioning technology to record car mileage and introduced corresponding insurance discounts, UBI began to get people's attention.
UBI (Usage Based Insurance) is a vehicle insurance model that was born in the United States and has matured in many developed countries. On the one hand, it monitors vehicle data information such as mileage and fuel consumption in real time. On the other hand, it uses big data to evaluate the driver's driving behavior risk level. In this way, the corresponding insurance premium is calculated by comprehensive consideration of the driver's actual mileage, driving time, driving location, and specific driving behavior. Therefore, the driver’s good driving behavior will receive a corresponding premium discount, which will guide the driver to drive safely, provide consumers with a fairer car insurance product, and provide additional value-added services for themselves and their families with safety and security.
There are three principles for the pricing of international auto insurance rates: they are to set reasonable rates according to the model of the car, the uses of the car, and the driving habits of the driver.
At present, most auto insurance products mainly focus on car models and uses, and the homogeneity of products is relatively serious; while collecting driver behavior data through terminal devices such as in-vehicle boxes, the equipment has an incomplete database of vehicle parts for different models; many loopholes in UBI have led to many insurance frauds, and more than 80% of the premiums compensated less than 20% of inferior customers.
In response to the above problems, Neoway launched the IoV terminal product OBD N2110 to help UBI sail through the wind and waves:
Provide analysis data of driving behavior (sharp acceleration, sharp deceleration, sharp turn);
Obtain the vehicle VIN code, and force the binding relationship with the vehicle;
Monitor and alarm in real-time when dongle is plugged in and pulled out;
Obtain vehicle fault information.
On the one hand, Neoway’s Internet of Vehicles terminal product OBD N2110 uploads the collected driver's driving behavior data to the cloud for processing and analysis, thereby forming a visual driving behavior analysis and scoring report, which can be used as a basis for UBI car insurance pricing and driver evaluation. Further, its positioning technology and alarm functions can provide users with value-added services such vehicle anti-theft protection.