Vehcon, Inc. Announces Verified Mileage Solution for $1 Per Vehicle
New Technology Dramatically Lowers Costs and Expands Opportunity for Usage-Based Insurance Programs
ATLANTA--(BUSINESS WIRE)--Atlanta-based Vehcon, Inc., an innovator in smartphone-based telematics and data solutions, today announced the industry’s first program to make verified mileage data available to all insurers. Vehcon’s new offering, called MVerity™, provides accurate mileage readings for underwriting, claims, and usage-based insurance (UBI) for less than $1 per vehicle per year.
“Our patent-protected system completely avoids the cost, complexity and privacy intrusion of hardware ‘dongles’ or smartphone tracking systems”
“Our patent-protected system completely avoids the cost, complexity and privacy intrusion of hardware ‘dongles’ or smartphone tracking systems,” said Fred Blumer, CEO of Vehcon. “There are mileage-based UBI filings in almost every state. Now that we’ve removed the cost and implementation barriers, any insurance company can offer a simple UBI option to all their customers.”
Miles driven is a primary predictor of driver risk, comprising over 70% of the risk models for usage-based insurance filings throughout the United States. Vehcon’s MVerity solution allows drivers to easily report their mileage, and insurers to receive verified data with 100% accuracy, without impacting driver privacy or vehicle performance.
“We also wanted to offer the industry a way to expand mileage-based UBI beyond OEM systems like OnStar® and Ford Sync®, since less than 5% of vehicles have those systems installed and activated. MVerity works with every vehicle on the road, and we’ve created enough scale to break through that $1 price point,” added Blumer.
Vehcon’s verified mileage solutions have been piloted successfully by insurance companies in both North America and Europe. Available now, MVerity can be embedded into existing mobile apps of insurance companies, or made available as a white-label or stand-alone solution for mileage collection and consumer interaction.
Initial usage-based insurance programs using Vehcon’s MVerity solution launch in the United States in Q4 2014.
About Vehcon, Inc.
Vehcon extracts authenticated data from vehicles using smartphone technologies, enabling consumers to lower the total cost of vehicle ownership. The company’s patent-protected solutions capture predictive data, such as accurate mileage and area of operation, and provide a platform for targeted communications and offers for drivers. Founded in 2012 by innovators in vehicle telematics, mobile data analytics and mobile applications, Vehcon is headquartered in Atlanta, GA. For more information, visit http://www.vehcon.com.