Smartcar launches auto insurance solution to address $10 billion in premium leakage
03/12/2020

Smartcar is launching its car API for auto insurance providers. Insurance providers are able to address $10 billion in premium leakage.

Online PR News – 12-March-2020 – Mountain View, CA – Today, Smartcar is launching its car API for auto insurance providers. The API allows insurers to retrieve telemetry from most new vehicles across the United States. Insurance providers are able to address $10 billion in premium leakage by seamlessly verifying their customer’s mileage, garaging location, and VIN.

Premium leakage is omitted or misstated information that leads to inaccurate insurance policy pricing. In the United States, personal auto insurers lose $29 billion due to premium leakage every year. Underestimated mileage, misrepresented garaging locations, and incorrectly reported VINs account for over a third of these losses, amounting to $10.4 billion.

Until now, insurance providers had no efficient way to combat premium leakage. Existing telematics solutions are often expensive, unreliable, and inaccurate, making it difficult for customers to share their vehicle information with insurers.

The car API for auto insurers
Using the Smartcar API, insurance providers can now instantly, cost-effectively, and accurately retrieve telemetry from their customers’ vehicles. Our technology takes advantage of the cellular modem that is already built into most new cars (2015 and later). Today, Smartcar is compatible with 15 vehicle brands in the United States and continues to expand.

Insurers can embed Smartcar Connect into their web portal or mobile app and collect user consent with just a few clicks. As Smartcar Connect provides transparency around exactly which information will be shared, insurers are able to build and maintain the trust of their customers.

After obtaining permission, Smartcar webhooks automatically send telemetry from the customer’s vehicle to the insurer’s organization. By verifying their customer’s mileage, garaging location, and VIN, insurers are able to address $10 billion in annual losses. They also increase customer retention through simplified user experience and no more manual self-reporting. The car API for auto insurers is available to all insurance providers in the United States starting today. We will be announcing some of our current customers soon.

About Smartcar
Smartcar is the first and only car API for mobility applications. Founded in 2015, the company’s mission is to empower developers to build the future of mobility. Smartcar’s platform allows web and mobile apps to locate, unlock, and read the odometer from vehicles across brands. By making it easy for mobility companies to integrate with cars, Smartcar allows them to focus on what’s important: building the future of mobility. Smartcar has raised $12 million in Seed and Series A funding from Andreessen Horowitz and NEA. Its headquarters is located in Mountain View, California. For more information visit https://smartcar.com.