AGM Technologies: tackling rising car insurance premiums with telematics
As the car insurance industry grapples with escalating costs, insurers are looking for sustainable solutions. Telematics technology seems a promising solution, albeit with implementation challenges that many industry leaders are hesitant to tackle. AGM Technologies supports these industry leaders by simplifying telematics adaption with their solutions.
AGM Technologies helps companies in the car insurance industry with easy-to-install telematics devices. Their devices can recognize minor impacts such as car collisions with cyclists and pedestrians while filtering out most false positives. AGM Technologies offers windscreen-mounted devices with easy self-installation, that deliver data for the global fleet and insurance market using on-device machine learning and cloud-based crash modelling.
How it works
AGM Technologies is at the forefront of simplifying telematics adoption with their IC6 and IC7 devices. These devices stand out for their user-friendly features and cost-effective distribution:
- Windscreen-mounted design: This ensures continuous, reliable data collection, crucial for accurate risk assessment.
- Advanced technology components: Equipped with high-precision accelerometers and Sony GPS modules, these devices provide detailed insights into driving behaviour.
- Enhanced collision detection: Dual authentication collision detection with reduced false positives.
- Frictionless installation: Simply place the devices on the windscreen – no cables, no fuss.
- Edge processing: By processing data on the device itself, AGMT minimises data transfer costs by up to 50%.
- Refurbishment: At the end of each device’s battery life, they can be returned for refurbishment at a 60% reduction in cost compared to new hardware.
While mobile telematics has been a step towards modernising insurance, it still has its limitations. Mobile-based solutions can be less accurate, as they depend on the driver having their phone with them, permissions and location services enabled and the app running during every journey. This reliance can lead to gaps in data collection, affecting the accuracy of risk assessment. In contrast, hardware solutions like the IC6 and IC7 offer uninterrupted data collection, independent of user behaviour, ensuring a more comprehensive and reliable dataset for insurers.
Why we selected AGM Technologies for ITC DIA Europe
As the car insurance industry confronts the challenge of rising premiums, telematics devices like AGM Technologies’ IC6 and IC7 emerge as crucial tools. They provide a sophisticated, data-driven approach to risk assessment and premium calculation. Compared to mobile telematics, AGMT’s devices offer a more consistent and accurate solution, paving the way for fairer premiums and safer driving practices.
At ITC DIA Europe Munich, George Michael, CEO, and Harry Moore, Head of Sales, showcased the IC6 and IC7 and AGMT’s enhanced collision detection. In addition to the innovative hardware, they talked about how false positive elimination (on-device machine learning) and filtration (cloud-based crash modelling) enhance AGMT’s software capabilities, providing more accurate and reliable results.
Who is AGM Technologies?
Founded in 2020 and based in Bristol, UK, AGM Technologies was originally launched to provide innovative telematic solutions to the world’s leading insurers. With a combined 50+ years of insurance experience, AGMT’s founders focused on utilising technology to improve insurance solutions at an affordable rate for both the insurer and the end user. They are specialised in applying low-cost, windscreen-mounted hardware and combining this with their patented software to accurately evaluate insurance risk.