Our Capable Car API for Insurance Companies

November 8, 2023

High Mobility's vehicle API provides insurance companies access to connected car data from multiple manufacturers. This enables insurers to offer innovative usage-based insurance, personalised premiums, and improved risk assessment based on actual driving data. The API delivers the detailed vehicle telemetry needed for data-driven evolution of the auto insurance industry.

Real-Time Driving Data for Usage-Based Insurance

By integrating with High Mobility's API, insurance companies can access real-time driving data from policyholders' connected vehicles. This includes detailed trip information such as vehicle location, odometer data, speed, acceleration and braking patterns. With this data, insurers can base premiums and policies on the actual driving behaviour and miles driven for each customer. Drivers have the potential to save money on their insurance by adopting safe driving habits that can be monitored and rewarded through API-enabled insurance apps and programs.

Granular Risk Assessment

The wide range of driving, location, and vehicle usage data available through the API allows insurance companies to perform more granular risk analysis based on real-world driving patterns. Insurers can use behavioural factors like frequent hard braking or speeding events to more accurately assess a driver's risk profile. Additionally, data on high-risk times like late night driving or accident-prone locations can also feed into a customised risk assessment. With greater insights, insurers can price policies appropriately based on each driver's true risk.

Agility to Scale

Building one-off integrations is inefficient as insurance customers grow. Disparate data sources have differing formats requiring extensive developer effort. A pre-built API ecosystem like High Mobility's allows insurers to quickly scale to expand offerings without costly custom integration work.

Personalised Premiums and Offerings

The highly detailed data unlocked by High Mobility's API enables insurance companies to provide personalised premiums and policy offerings tailored to each individual driver. In addition to customised risk assessment, the connected car data allows easy incorporation of usage-based components into insurance policies. Drivers can be offered discounts or surcharges precisely based on actual driving habits and miles verified through the API. The data facilitates customised rewards for safe driving or premium penalties for high-risk behaviours on an individualised basis.

Lower Maintenance Costs

Traditional integrations built and maintained in-house have high ongoing costs for servers, developers, and overhead. A third-party API service reduces these maintenance burdens for insurance companies.

Promoting Safe Driving

Insurance companies can use driving score monitoring and coaching features of mobile apps to promote safer driving among customers. The API data identifies unsafe driving behaviours like rapid acceleration or hard cornering. This allows insurers to provide targeted alerts and coaching to drivers to help improve their skills. Additionally, insurance companies can use driving scores and data to provide tailored incentives that motivate drivers to adopt smoother, safer habits. The rich API data helps insurers promote accident avoidance along with fair premiums.

API Replacing Aftermarket Hardware

Tracking devices installed on policyholders' vehicles can provide driving habit data, but they are expensive, prone to damage, and time-consuming to install and manage. In contrast, an API integration taps directly into the embedded modems in connected vehicles with no extra hardware needed. API setup is quick and reduces fraud risk since there is no physical device to tamper with or disable. You can read more about how OBD Telematics devices are being replaced by connected car APIs here.

Automating Workflows

Insurers spend significant time on duplicative data responsibilities like extracting, sorting, and analysing driving records. An API automates these workflows by seamlessly communicating vehicle data needed for claims and policy underwriting. This eliminates repetitive manual processes involving spreadsheets while increasing productivity and reducing costs.

Data Security and Privacy

High Mobility's API operates under strict security protocols and encryption to keep driver data safe. Data access authorization and consent tools ensure compliance with regulations around consumer privacy and control.

High Mobility's API provides insurers the opportunity to bring innovation and customization to auto insurance. Detailed vehicle usage data enables accurately priced risk assessment, personalised policy offerings, and driving behaviour incentives. Leveraging the API, insurance companies can evolve into data-driven providers of individualised, fair, and engaging auto insurance programs.

You can access vehicle data by integrating our API directly or using one of our partner solutions. Our team is happy to help you find the best custom solution for your business - get in touch with us here.

Read Next