UAB “Finance engineering” aims to create a new IT product that would enable the use of transport companies’ telemetry data for motor insurance risk management.
UAB “Finance engineering” is implementing the project “Development of a prototype for a new IT service for motor insurance risk management using telemetry data” (project No. J05-LVPA-K-01-0072). For the implementation of this project, the company has been granted up to EUR 82,534.78 in funding from the European Union European Regional Development Fund under Priority 1 “Promotion of Research, Experimental Development and Innovation” of the 2014-2020 European Union Funds Investment Operational Programme, implementation measure No. J05-LVPA-K “Intellect. Joint Science-Business Projects”.
UAB “Finance engineering” is a small IT sector company established in 2008. The company specializes in developing insurance business management systems and other applied IT solutions and products for companies operating in the insurance and financial sectors. IT products developed by the company have been implemented in AAS “BTA Baltic Insurance Company” branch in Lithuania, SIA “Balta” (Latvia), MOLDASIG S.A. (Moldova) and other companies.
Based on its accumulated experience in developing innovative IT products for companies in the insurance sector, UAB “Finance engineering” aims to create a new IT product that would enable the introduction of new risk assessment principles in motor insurance by using vehicle telemetry data. In other words, the goal is to develop a method that allows the use of transport companies’ telemetry data for motor insurance risk management. Such a solution would be relevant not only for insurance companies but also for companies operating in the transport services sector, as well as for individual consumers (policyholders) driving vehicles. The newly developed product would be particularly beneficial for responsible young drivers and heavy vehicle drivers, for whom insurance premiums are very high.
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