- Driver Score is not a new product in the automobile industry. However, the existing solutions available in India are neither designed for Indian conditions nor for passenger car segments
- The company aims at producing this as a PaaS (Platform as a Service) offering in the near future and sell it as a tech-enabled insurance product to exist insurers and car dealers
Zoomcar has launched India’s first vehicle model agnostic Driver Score Tech Stack for the passenger car segment. The AI-Powered algorithm with machine learning capabilities tracks the mechanical specs of the car being driven, driving style of the customer and identifies critical events of driving and rates it on a scale of 0-100.
The scoring system has capabilities to give real-time feedback to drivers in the advent of rash driving to help them adjust their behavior accordingly. Within the first month of its launch, the driver score has successfully reduced accident rate by 20 per cent and maintenance and servicing cost by 25 per cent for Zoomcar.
“Our aim while developing this state of the art tech stack was to reduce accidents and improve asset longevity. Accidents were a major concern for us and we wanted a tech solution to help us mitigate it. Another important factor which drove innovation here was our objective to reduce the maintenance and insurance cost significantly on our assets,” said Greg Moran, co-founder and CEO, Zoomcar.
He added, “We can now partner with new age insurance companies and have a dynamic, user based pricing approach which would help us reduce insurance cost by as much as 50%.”
The company aims at producing this as a PaaS (Platform as a Service) offering in the near future and sell it as a tech-enabled insurance product to exist insurers and car dealers, directly earning about 20 per cent of its revenue from this by early next year. This high margin offering compliments Zoomcar’s EBITDA positive balance sheet.
The platform can bring about a seismic shift in the automobile industry by democratising and standardising the driving ecosystem of the country as well as give a new paradigm shift to the country’s $9B motor insurance sector which still use decades-old benchmarks and conditions to design their products
Driver Score is not a new product in the automobile industry. However, the existing solutions available in India are neither designed for Indian conditions nor for passenger car segments. They are primarily designed for commercial vehicles and according to the western markets and demographics where driver scores are being used by insurance companies, police departments, and other regulatory authorities for some time now.
The existing solutions operate at an average of 50 – 60 per cent efficiency here in India as the tech stack is incompatible to a lot of variables that define Indian conditions.