(Interior of 2016 Audi A7. Source: Audi.)
Spireon Inc., an Irvine, Calif.-based open connected vehicle technology vendor has entered the insurance telematics market with the launch of NSpire, a set of tools, modules and programs that enable insurance carriers to create customized telematics offerings. The vendor describes NSpire as a comprehensive insurance telematics suite that offers all of the tools insurers need to implement a next generation insurance telematics strategy, including select driving data, scoring, accident detection and FNOL, policyholder mobile app, and complete telematics program management.
Spireon markets several GPS tracking solutions implemented across the vehicle lifecycle, and its clients include used car dealers, lenders and financial institutions, rental car agencies, and fleets. With over 2.4 million active subscribers and more than 20 billion miles of recorded driving data per year, Spireon describes itself the industry’s largest non-OEM vehicle telematics company. The vendor asserts that its new NSpire platform provides unmatched quality in rich data for insurers to make informed usage-based insurance (UBI) policy decisions for all models, including Pay-As-You-Drive (PAYD) and Pay-How-You-Drive (PHYD) policies.
“Aligning a small sample of driving behavior with premium rates was really just the beginning for the insurance telematics market,” comments Brad Jarvis, chief strategy officer, Spireon. “With the Spireon NSpire platform and our 2.4 million subscribers, our company is uniquely positioned to move the market to the next generation of insurance telematics through rich data and tools that give insurers a more holistic picture while making critical policy decisions.”
Flexibility and Openness
The vendor claims that the flexibility and openness of the Spireon NSpire platform, along with the scale of the company, allows Spireon to engage at any level of an insurance telematics program, from simply feeding core data elements into a UBI project to delivering a complete turnkey program for scoring, first notice of loss (FNOL) and claims, including fulfillment and policyholder suppor.
Spireon’s NSpire platform is device and vehicle agnostic, but the company has also publicized its “Always On” technology which provides a continuous view into driving data, allowing carriers to price for long-term driving behavior and extend data to FNOL and claims, according to the vendor. Spireon’s policyholder app also integrates with the Always On data to connect the carrier and policyholder through what the vendor calls powerful insights and feedback.