Program launches for drivers in Maryland and Nevada now, rest of the U.S. later this year
Buckle, a tech-enabled financial services company, is partnering with Cambridge Mobile Telematics (CMT), the world’s leading mobile telematics and analytics provider, to bring the award-winning DriveWell telematics platform to its gig economy drivers.
“Cambridge Mobile Telematics has developed behavior-based technology solutions for major insurance providers across the world, and we are delighted to add Buckle as a valued partner”
Buckle is the first company to provide rideshare and delivery drivers with personal and commercial coverage in a single, affordable auto insurance policy. CMT’s DriveWell Score provides safe driving measurement and fast feedback through an online app, allowing Buckle’s insured members to review their trips and understand their own driver and vehicle behavior, as well as safety level.
With more than 80 programs globally, 7 million drivers, and over 22 million shipped tags, CMT’s DriveWell platform precisely measures driving quality, engages drivers regularly, and helps improve driver behavior.
Latest Fintech News: Allied Payment Network Partners with Bankjoy to Offer Superior Digital Payment Tools
The optional integration of the DriveWell Score means Buckle can more accurately understand the policyholder’s driving behavior and therefore can better assess risk. Buckle members who choose to participate receive an immediate discount when signing up for the telematics program with steeper discounts available at renewal based on careful driving habits. Discounts are based on a driving score built on five criteria: harsh acceleration, braking or swerving, speeding, and phone use.
“The DriveWell Score is simple to use, it’s the most experienced platform on the market, and it gives our members the ability to both monitor their own safety and get the best price for their auto insurance coverage, whatever their activity and vehicle they drive,” said Andrew Sand, head of product management at Buckle. “Buckle coverage already gives our members peace of mind and this program provides an added layer of assurance that their premium is transparent and fair.”
Download our top whitepaper: Building Reliable and Secure Fintech Systems in 2022
Buckle uses telematics to improve segmentation and pricing accuracy of transportation network company (TNC) and delivery network company (DNC) driving versus personal driving. This helps Buckle deliver a customized price based on how much or how little a member drives for a TNC or DNC, where they drive, when they drive, and for whom they drive.
“Cambridge Mobile Telematics has developed behavior-based technology solutions for major insurance providers across the world, and we are delighted to add Buckle as a valued partner,” said Ben Bowne, vice president, Global Sales & Partnerships at CMT. “Our vision has always been to make driving a safer experience for everyone. Building on our successes to provide dedicated solutions to the gig economy, DriveWell Score puts our technological advances in mobile sensing, machine learning, and behavioral science directly in the hands of rideshare and delivery drivers and encourages substantial improvement through awareness and incentives.”
The program will launch with availability to members in Maryland and Nevada this month and is expected to be an option for all Buckle members later this year.
Latest Fintech News: TradeStation Named an Official FinTech Sponsor and Trading Platform of University of Miami Athletics
[To share your insights with us, please write to sghosh@martechseries.com]
