Smartphone-based telematics supplier Vehcon has announced MVerity, a new offering for insurance companies, which 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,” said Fred Blumer, CEO of Vehcon.
MVerity is a mobile app that allows drivers to capture themselves their VIN number and their odometer reading through a camera snapshot of both numbers. Available now, MVerity can be embedded into existing mobile apps of insurance companies, or made available as a white-label or stand-alone solution.
According to Vehcon, 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. Therefore the insurance companies can offer simple UBI policies at a fraction of the cost of an OBD dongle.