“It seems pretty basic but when you get hundreds of data points from drivers saying a person is a great driver,” Brusson said. “It’s pretty powerful in terms of insurance pricing.”
The company is collecting data and finding correlations between data points such as how someone’s driving is rated by other users, and the number of accidents. Customers must opt in to sharing their data with the insurance product, which is combined with information from other users and anonymized, he said.
Drawing conclusions from the research to sell insurance is a few years off, Brusson said.
“Long term, all these car-insurance products will be smarter because we have lots of data from the community,” he said.
This article was provided by Bloomberg News.