Automotive Insurance

We are creating a Blockchain ecosystem around the full lifecycle of a customer’s journey within usage based insurance.

The Problem

The Industry is operating on a slice of available data.

The current usage based insurance market is operating off of fractional data available to their models.  Various providers in the space solely rely on odometer readings for a per mile model, voluntary behavior based programs with attached telematic dongles, or mobile devices tied to policy holders.  Additionally the current industry is overly reliant on OBD-II Ports and driven by limited telematic data. This creates a market that isn't tailored to the individual policy holders driving behavior and exact usage with some customers paying more than they should for their coverage. 

The Solution

Connecting Identities

A fully wholistic usage based insurance model is built on the notion of connected identities across a spectrum of entities.  Here we have global registries of vehicles, policy holders, payment providers, hospitals, banks, mobile devices, repair facilities, and insurance providers.  The associations and links between these ids allow for the vehicle to act as the lynchpin to associate a wealth of data into the insurance model. 

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The Solution

Dynamic Usage Based Insurance Policies

If we now open up the taps to the data flowing from a car and it's connected identities we no longer are limited to a usage based insurance model that is limited by slices of available data.  We can now create a truly personalized experience where customers are charged based not only on distance but driving behavior, time of day, geolocation, and a host of additional data points. 

 

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The Solution

Powered by GemOS

Gem has deployed a highly configured GemOS platform so that all of the participating parties in this complex UBI marketplace can maintain total insight into the system and how it will impact their business. Insurance providers can optimize their unique UBI logic modeling and extend the available data attributes to create an enriched user experience. This complicated web of vehicles and telematics, once seemingly unachievable, is now a reality delivered by GemOS.

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The Result

Customer Value

As a customer of a GemOS powered usage based insurance model long are the days of general pricing. Customers now have at their fingertips realtime dynamic pricing tailored to their individual needs and usage behavior. This increases customer loyalty, retention, and overall satisfaction.

 

Press

Traction

July 12, 2017   |   Distributed

Driving the Future of Blockchains — Part 3

Entering the Ride-Sharing Environment

With transportation ushering in a new period of innovation and a new, evolving automotive ecosystem turning car-generated data into valuable products and services, the self-driving ecosystem is poised to have a huge impact not only on the new ride-sharing environment, but also on the technical and architectural enablers within the automotive industry.

  • Auto
  • Blockchain
  • blockchain platform
  • GemOS
July 10, 2017   |   Los Angeles Business Journal

L.A. Ventures Forge Links to Blockchain

A budding blockchain hub in Los Angeles is gaining traction as digital currencies such as bitcoin heat up amid a wave of speculation.

Bitcoin’s value has risen more than 300 percent from a year ago, buoyed by investors who see cryptocurrencies as a way to conduct monetary transactions that cut out third-party financial institutions.

  • Auto
  • Blockchain
  • GemOS
  • Insurance
  • Startup
  • Technology
July 6, 2017   |   Distributed

Driving the Future of Blockchains — Part 2

The New Mobility Ecosystem

Cars now generate data about how they are used, where they are and who is behind the wheel.

With greater proliferation of shared mobility, progress in powertrain electrification, car autonomy and vehicle connectivity, the amount of data from vehicles will grow exponentially, raising a key question: How might industry players in the evolving automotive ecosystem turn car-generated data into valuable products and services? More importantly, where does the architecture lie to permission and secure that data?

  • Auto
  • Blockchain
  • Insurance
  • supply chain
June 28, 2017

Driving the Future of Blockchains — Part 1

From Car to Super Computer

It is becoming clear that the fundamental concepts of car ownership, ridership and even the physical asset of the automobile itself are about to transform, particularly with the horizon of fully-autonomous vehicles now estimated to become a market reality in 2020.

  • Auto
  • Blockchain
  • Insurance
  • supply chain
June 5, 2017   |   Nasdaq

Blockchain Reports: Gem

Brad Smith is joined by Micah Winkelspecht, Founder and CEO of Gem at the Consensus Summit 2017. Winkelspecht notes that this year’s summit was well represented by large enterprise companies, many of which Gem has an interest in working with in the future. He also mentions that many new enterprise companies are stepping into blockchain and that is also exciting for the industry and technology. With the entrance of larger companies in the blockchain sector, it is clear that this technology is quickly moving toward real world applications.

  • Auto
  • Blockchain
  • GemOS
  • Insurance
  • Leadership
  • Micah Winklespecht
May 22, 2017   |   TechCrunch

Toyota Pushes Into Blockchain Tech To Enable The Next Generation

On the same day that Ford officially ousted its chief executive in a bid to remake itself as future-focused vehicle manufacturer, Toyota announced its own steps to embrace technology’s next wave.

  • Auto
  • Blockchain
  • Insurance
  • supply chain
  • TechCrunch
  • Technology
May 22, 2017   |   CoinDesk

Toyota’s R&D Division is Building a Blockchain Consortium

Toyota Research Institute (TRI) is going big with a bold blockchain strategy.

  • Auto
  • Blockchain
  • blockchain platform
  • Insurance
  • supply chain
May 22, 2017   |   The Banks Report

Toyota’s Vision of How Blockchain Will Change the Auto Industry

Imagine a world where automotive vehicles are no longer depreciating assets, but are profit generating machines.

  • Auto
  • Blockchain
  • GemOS
  • supply chain