It’s clear that with the recent detariffication of motor insurance premiums, insurance companies are looking at different ways to add value to their products. It is in this environment that telecommunications provider Digi is stepping in with iFleet, a ready-to-market Usage-Based Insurance (UBI) platform that the company is offering to all players in the industry.

Similar to AXA’s FlexiDrive launched last week, iFleet records and monitors over 200 data points including mileage, speed, acceleration, sudden braking and hard cornering, enabling insurers to craft their risk models. All this data will allow insurance companies to generate a more accurate customisable motor insurance premium that is based on fleet and individual vehicle performances.

The platform has been undergoing robust testing within Digi’s own fleet since last year, and is currently in a pilot programme with select insurers such as Tune Protect and Pacific Insurance. The company claims that it has seen a 50% improvement in driving habits among its fleet drivers, as well as a notable drop in accidents since using iFleet on its 150 field force vehicles.

Digi hopes that the introduction of the UBI platform will encourage safer driving habits, as well as helping insurers reduce their insurance claim loss ratios. The industry saw gross written premiums of RM8.17 billion last year, with an overall net claims-incurred ratio of 66.9%.

The iFleet UBI platform is now available to insurers (registrations open here), who will benefit from customisable data parameters to set risk criteria and calculate premiums, as well as access to a ready base of vehicles already included in the platform. The company is also providing internet connectivity to insurers launching their own telematics-based products, including AXA FlexiDrive.

Private vehicle owners will also be able to join in when Digi launches a connected vehicle service later this year, featuring similar telematics capabilities as iFleet. Customers will have a device installed in their car that gathers driving behaviour and vehicle data, making it accessible to a panel of insurers on request when their motor insurance is up for renewal. This will allow consumers to freely choose the best premium available.