Crimson Intelligent Auto Insurance
The current insurance system is based on static parameters, giving high-risk drivers with more
vehicle-usage the benefit of unlimited mileage, while overcharging drivers with less vehicle-usage.
This does not make much business sense, as risks are higher with higher usage. Logica’s offering, Crimson, enables insurance companies such as you, to do more profitable business, by ensuring more accurate insurance computation. The principle is based on the premise that increased mileage results in increased claims.
Crimson calculates the premium dynamically, using the data from an onboard device that gives realtime data on vehicle usage. So, a driver with more mileage, and subsequently more risk, pays higher premium than the average user. The data can also be used to formulate and introduce a variety of usage-based insurance products in the market.
How does it work?
Crimson seamlessly integrates with your insurance application, thanks to its well-defined open
interfaces. It calculates premium real-time, based on distance, time and speed. It uses a unique
device fit on the vehicle to get this information. This device captures the vehicle usage information and transmits it to a Crimson back-end application using GSM technology.
Key benefits
- Makes insurance more affordable and so encourages users to insure vehicles
- Steers new usagebased insurance products in the market
- Reduces claims costs as high-risk users drive more cautiously
- Helps in vehicle tracking in case of theft
- Reduces overall traffic congestion, accidents and emissions
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