Due to limited data insurance companies do not have enough control over accidents which leads to fraud
Drive Buddy detects car accident automatically by using sensors on the phone. It automatically collects and sends crash data to the insurance company
Also it connects driver to elected hospital and nominated emergency contact
With Drive Buddy, insurance company can now receive various data like speed of the car before crash, location of the crash, impact of the crash.
In US market, annual total revenue is around $1.2 Trillion. Only P/C insurance revenue is around $520 Billion.
We will be selling our software service to insurance companies
Fraud steals $80 billion a year across all lines of insurance in the U.S. Automobile claim fraud and buildup added $5.6 billion-$7.7 billion in excess payments to auto-injury claims paid in the U.S. in 2012
86 percent of Americans think “insurance fraud leads to higher rates for everyone”