Usage based Vehicle Insurance

Abstract

Insurance On The Basis Of Driving Style (IOTBODS) which is an advanced product form in usage-based
insurance (UBI) for a vehicle, takes driving style and behavior into consideration in its actuary process. IOTBODS
insurance product is supported by refinement and analysis based on raw driving data of insured vehicles, and the very
analysis process, which is based on accelerometer data, helps to recognize the risk level of each driving behavior by
finding the relationship between them. Even if studies on risk level determination have been done adequately,
research on feedback and presenting of risk evaluation results for the drivers of insured vehicles have not been
reported much. In the proposed system, the user will get the insurance on the basis of their driving style. If the user is
driving a vehicle without urgent braking, harsh braking, acceleration, rapid turn, sudden turn, cutting lane in speed
i.e. rash driving; then the user will get more benefits. If the user does rash driving then the user will get lesser benefits
of insurance.