DriveScore rewards good drivers with advantageous car financing
DriveScore, UK broker and subsidiary of ClearScore a UK company specializing in credit scoring, now rewards good drivers by offering them financial benefits on their loans and insurance. To do this, the company uses telematics, a state-of-the-art technology.
FACTS
In partnership with Cambridge Mobile Telematics, the DriveScore application, uses telematics to analyze driving behaviour (speed, braking, turns) and assign a score of 1,000. A result above 750 gives access to discounts of up to £170 on car loans.
If the user agrees to share his driving data with partner institutions:
It can benefit from a discount.
The rebate applies when applying for an automobile loan.
Loans are offered in collaboration with institutions such as: Zopa Bank, Admiral, AA Car Finance and My Car Credit.
The application is a success because 750,000 app downloads and 2 billion kilometres of driving were recorded.
This approach values drivers' personal data by offering them concrete financial benefits.
ISSUES
Generalizing telematics beyond young drivers: By partnering with Cambridge Mobile Telematics, DriveScore uses innovative technologies for more accurate results. This approach allows insurers and lenders to engage a wider clientele and give drivers control of their data to improve their experience and achieve savings.
Attracting reliable customers: Thanks to the educational tools integrated into the DriveScore app, three quarters of users get a "good" score and they are less likely to experience delays in the repayment of credit cards, loans or car financing. A correlation is therefore observed between responsible conduct and greater reliability in the reimbursement of credits.
PERSPECTIVE
- The project DriveScore, launched by ClearScore in 2021is now a reality and fully meets the ambitions set by ClearScore.
At the same time, the American AssurTech Clearcover is gradually establishing itself in the automotive insurance market and is innovating in integration of general AI in the reporting of automobile claims and launching its APIs for the insurance, automotive and financial services industries.
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