BALTIMORE--(BUSINESS WIRE)--Agnik, the market leading data analytics company for connected cars and life, announced today that it has received a US Department of Transportation Phase II Contract to develop an advanced connected car platform for insurance solutions. This project will advance Agnik’s smartphone and device-based connected life platform with advanced driver analytics, privacy-preserving machine learning, game theoretic social incentives, and mechanism design for usage-based insurance.
The project will be supported by numerous leading insurance carriers and several Agnik distribution channels and partners. This integrated platform will power Agnik’s unique Connected Insurance Program (CIP). CIP offers a unique, low cost way for insurance carriers to execute the full spectrum of insurance solutions for connected cars. This Phase II project is the result of Agnik’s successful demonstration of the core technology during the Phase I project.
Driving a car is a social experience. Blending social experience with connected car applications is creating new opportunities for insurance carriers. Some key considerations include: Privacy protection and making use of smartphone sensors in order to reduce the overhead of the connected car infrastructure. This Phase II project will provide connected car services for insurance carriers including usage-based-insurance in novel forms, customer relationship management, claims analytics, and smartphone-based insurance analytics. Additionally, this platform will be backed by Agnik’s ecosystem of Big Data Analytics products for vehicle repair service providers, OEMs, and automotive suppliers among others.
“Agnik’s deeper understanding of consumer telematics user behavior based on several popular products distributed through leading distribution channels and smartphone apps combined with our long history of research in the field of distributed data analytics using smartphones, make Agnik ideal for creating new technology and business models for insurance telematics,” said Dr. Hillol Kargupta, President of Agnik. “This will further enhance Agnik’s Connected Insurance Program and allow insurance carriers to engage consumers in a broader social context with little telematics infrastructure overhead. We are pleased to receive this contract and work with the team.”
Agnik is a cloud-based vehicle performance Big Data analytics software company with a comprehensive telematics platform for the consumer, fleet, insurance, vehicle-repair-services, automotive OEM, and connected device markets. Agnik’s technology powers many products in the consumer and commercial fleet market distributed through major channels. Agnik-powered products received the 2013 Frost & Sullivan North American Automotive Usage Based Insurance Customer Value Enhancement Award and 2010 Frost & Sullivan North American Enabling Technology of the Year Award in Commercial Vehicle Telematics. Agnik also received the Top-10 Data Mining Case Study Award by IEEE for demonstrating its success in solving real-world challenges using its advanced vehicle performance data mining products. For more information about Agnik please visit www.agnik.com.