Technology Other News 03 Oct 2019 Bangalore: Zoomcar u ...

Bangalore: Zoomcar unveils AI-powered, model-agnostic Driver Score Tech Stack

PRESS RELEASE
Published Oct 3, 2019, 5:36 pm IST
Updated Oct 3, 2019, 5:36 pm IST
The system has capabilities to give real time feedback to rash drivers to help them adjust their behaviour accordingly.
The company aims at producing this as a PaaS (Platform as a Service) offering in the near future and sell it as a tech-enabled insurance product to exist insurers and car dealers.
 The company aims at producing this as a PaaS (Platform as a Service) offering in the near future and sell it as a tech-enabled insurance product to exist insurers and car dealers.

Zoomcar launched India’s first vehicle model agnostic Driver Score Tech Stack for the passenger car segment. The AI-Powered algorithm with machine learning capabilities tracks the mechanical specs of the car being driven, driving style of the customer and identifies critical events of driving and rates it on a scale of 0-100. The scoring system has capabilities to give real-time feedback to drivers in the advent of rash driving to help them adjust their behaviour accordingly. Within the first month of its launch, the driver score has successfully reduced accident rate by 20 per cent and maintenance and servicing cost by 25 per cent for Zoomcar.

Driver Score is not a new product in the automobile industry. However, the existing solutions available in India are neither designed for Indian conditions nor for passenger car segments. They are primarily designed for commercial vehicles and according to the western markets and demographics where driver scores are being used by insurance companies, police departments, and other regulatory authorities for some time now. Hence the existing solutions operate at an average of 50 - 60 per cent efficiency here in India as the tech stack is incompatible or oblivious to a lot of variables that define Indian conditions.

 

However, owing to its nature of the business, the scale of operation across India and its superior IOMT (Internet of Moving Things) capabilities, Zoomcar has been data-rich when it comes to data regarding Indian road conditions and driver behaviour. Over 700 million kilometres travelled by 14,000+ Zoom cars across the length and breadth of the country and about 5 million customers’ driving behaviour over the last 6 years and counting is what fuels Zoomcar’s driver score tech stack and is the reason behind its astounding 95 per cent efficiency rate.

The company aims at producing this as a PaaS (Platform as a Service) offering in the near future and sell it as a tech-enabled insurance product to exist insurers and car dealers, directly earning about 20 per cent of its revenue from this by early next year. This high margin offering compliments Zoomcar’s EBITDA positive balance sheet.

The platform can bring about a seismic shift in the automobile industry by democratising and standardising the driving ecosystem of the country as well as give a new paradigm shift to the country’s $9B motor insurance sector which still use decades-old benchmarks and conditions to design their products. Over and above, this also opens up new avenues for digital ad targeting for the eCommerce players, thanks to the reputational and personalisation dimensions it harnesses.

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