Insurer
Allstate has spun off an analytics business that leverages on proprietary telematics data that the company has gathered overed the past years.
The subsidiary, called Arity, is an application program interface (API) that packages driver risk scores, roadside rescue services and other information into a software development kit (SDK). These products are aimed at improving the pricing strategy initially for auto insurance products.
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Further, Arity Platform vice president Chetan Phadnis noted in a CIO.com report that these platforms will enable the development of new digital products and the creation of new business models and channels. Further, the use of APIs will facilitate digital transactions that will translate to more profits, which are also seen to subsequently grow as the platform enables the generation and exchange of more data.
Phadnis also noted that Allstate has more than 1 million sensors installed in vehicles, which monitor driving behaviour and helps reduce risk and decrease insurance premiums. Its library also includes 20 billion miles worth of driving data.
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