KORE Telematics (Alpharetta, Ga., U.S.A.), an MUNO, on Tuesday announced that Agnik LLC (Columbia, Md., U.S.A.), a data analytics company, has selected the KORE network to power its usage-based automobile insurance application, enabling the transmission of driving patterns back to insurance companies for risk management.
According to Agnik, its MineDrive application provides insurance carriers with detailed information about driver and automobile performance, enabling more accurate adjustment of their offerings. The MineDrive technology utilizes Agnik’s onboard data mining algorithms to analyze vehicle diagnostic, acceleration, driving and location-related data directly from within the vehicle. The application then summarizes, packages and transmits the analysis using the KORE M2M network, giving insurance companies driver and vehicle behavior information to support actuarial calculations.
“The Agnik MineDrive application needs to function seamlessly across multiple geographies and wireless networks in order to provide accurate driver behavior analysis to insurance companies and value-added services to consumers,” said Hillol Kargupta, president at Agnik.
According to Agnik, the application also features a privacy-preserving data mining technology that allows analysis of encrypted data, ensuring that the raw driving data is never revealed to the insurance company. This allows the insurance company to assess driving behavior, including GPS locations, without violating consumer privacy policies.