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The app installed on the driver’s phone works in a simple way: Ubitel technology uses real-time artificial intelligence and computer-based learning algorithms to analyze driving habits with phone sensors.
For example, the score is heavily influenced by the use of a phone while driving, speed, sudden maneuvers, acceleration and braking, and constant driving. The app also shows the driver which of the parts that determine the driving score should be improved the most.
After installing the Ubitel app with it, auto liability insurance can be purchased immediately at the standard offer price. However, after 14 days of driving with the app, a driving score is provided: the higher it is, the lower the insurance price.
If the driver is not satisfied with the score obtained, the application can be used for a longer period of time: see “more expensive” driving style errors, constantly improve it, and therefore strive for the highest score. highest possible and lowest insurance cost.
“Insurance companies are now mostly on the jury for how many years in a row they didn’t have an accident. The more years, the better the price. If you have an accident, the price goes up. Such risk assessment and pricing is no longer realistic.
Based on currently received driver management score estimates, we see that highly rated drivers save by purchasing an insurance policy, ”says Žydrūnas Andruška, the app’s developer.
According to him, this application can not only help save money, but also has a social mission: to promote a culture of safe and cultural driving.
Insurance doesn’t necessarily have pigs
Currently, Ubitel cooperates with the Lietuvos Draudimas insurance company and acts as a dependent insurance intermediary.
“Our goal is to test and use innovative ways to identify insurance risk in our operations. We chose to cooperate with startup Ubitel because this app can help identify specific driving habits and styles and more accurately calculate the price of insurance accordingly, “says Andrius Gimbickas, Head of Residential Property Insurance at Lietuvos Draudimas.
In general, the cost of insurance depends on three groups of parameters: driver, car and market situation (frequency of claims and inflation of claims). When evaluating driver parameters, the insurance company also evaluates discipline, i.e. how many and what events are caused or caused by the driver. According to A. Gimbickas, this application allows to assess the driver’s discipline with greater precision, knowing his braking, acceleration, telephone use and other parameters registered by Ubitel.
It is emphasized that when evaluating driver discipline with the help of this application, compulsory insurance does not necessarily make it cheaper.
“We have chosen to work with this startup because we are constantly interested in innovative ways of assessing risk. In this case, the use of more parameters more accurately assesses the risk for a particular controller. For some, insurance may be more expensive if the app captures worse driving scores. The app also constantly evaluates driving, so the driver’s driving style can affect their future risks, “explains A. Gimbickas.
Currently, Ubitel not only sells civil insurance to individuals, but is also attracting the interest of companies seeking to reduce fleet costs and the cost of insurance. And soon the founders of the app will start cooperating with driving schools as well.
“In the near future, we will begin to cooperate with driving schools so that young drivers not only learn to drive, but can also measure their ‘safe driving’ score while learning, using Ubitel technology. And by securing their first car, I would pay less, “says developer Ž. Andrushka.
The idea of the application arose from the birth of children.
2019 The history of the Ubitel app, which launched in January 2014, dates back to 2014. Children of the app developer were born.
„2014 m. In the end I was born twins, a boy and a girl. There was an awareness of how risky I was driving, constantly speeding up, answering messages, talking on the phone, because I started thinking about the safety of children.
When I noticed, I started to see the behavior of other drivers, which was similar: speed, drivers sunken on the phones I started to see not only mine, but also the driving of other drivers as a threat to me and my children, ”says Ž. Andrushka.
According to him, the intimidating advertising on television did not seem effective. And a look at worldwide research has shown that one of the most accident-causing driving combinations right now is speed.
“I started thinking about how to promote safer behavior on the road through benefits. This is how the Ubitel idea was born: driving safer and paying less for insurance. ” Andrushka.
Finally, a team was formed to implement the project idea. 2018 In the fall of 2019, the team participated in the Baltic Sandbox accelerator, refined the objectives of the project, but the Ubitel programming started only in 2019. in January.
We were looking for someone to do the necessary solution, but we couldn’t find it, so the assembled team did everything by themselves and in February 2019 signed 150 thousand. EUR investment agreement with Kroslid Invest, a business angel from Morten Kroslid, Norway. 50 thousand were also implemented. Investment facility Inostartas worth EUR. Currently, Ubitel’s investments are close to 200 thousand. euros
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