Cambridge Mobile Telematics CMT the world’s leading mobile telematics and analytics provider has secured a 500 million investment from the SoftBank Vision Fund This investment will accelerate the adoption of CMT’s successful DriveWell platform used by insurers fleets wireless carriers and other entities to measure driving risk and improve driver safety It will also fuel CMT’s growth in automated crash and claims management video analytics and safety for emerging vehicle and mobility systems The investment is subject to regulatory approval
Drawing on numerous innovations in mobile sensing artificial intelligence AI and behavioral science CMT has become the market leader in mobile telematics Today CMT works with customers in more than 20 countries accurately measuring driving performance for insurance pricing providing incentives to improve driving quality and lowering operating costs by reducing crash rates and automating some claims processing functions CMT’s partners include leading insurers such as State Farm Liberty Mutual Desjardins Discovery Admiral MS&AD Group QBE AIG and Insurance Australia Group yielding a global customer base of several million users
CMT is breaking new ground in the application of telematics machine learning and behavioral analytics to solve challenging problems in insurance and safety said Akshay Naheta Partner at SoftBank Investment Advisers CMT is uniquely positioned to help insurers develop the insights to better support customers and advance their operations while promoting long-term improvements in driving standards around the world ”
Over the past few years the DriveWell platform has helped make roads safer by making drivers better in a world where crashes are rising due to factors like distracted driving said Hari Balakrishnan CMT’s Chairman and CTO who founded CMT with Bill Powers CEO and Sam Madden Chief Scientist Our rapid growth has been fueled by a culture that values collaboration with our customers and invests in research to improve our solutions and develop new products This partnership with the Vision Fund is the start of the next stage of our journey to bring safe mobility solutions for people and goods at massive scale ”
CMT has pioneered many innovations since its inception in , from MIT’s Computer Science and Artificial Intelligence Lab CMT deployed the first service to efficiently gather and process sensory data from phones for auto insurance , use phone sensors to measure phone distraction , and induce better driving with gamification (2014) Together these innovations created the category of behavior-based insurance also known as mobile usage-based insurance Results from the field are compelling the driving feedback rewards and contests delivered via the DriveWell platform reduce phone distraction by % on average with 30 days and at-risk speeding and hard braking by 20% These improvements lead to significant measurable reductions in crashes and insurance claims
CMT’s DriveWell Tag invented in , was the first fully wireless Internet of Things IoT device to measure vehicle dynamics for actuarial scoring and for real-time impact alerts with roadside assistance in , CMT shipped its 6 millionth Tag Since , CMT has introduced new services for crash reconstruction and loss notification with telematics data dashcam video analytics for risk scoring fleet features for commercial insurance and best-in-class risk scoring models These models enable insurers to accurately price risk using telematics data and have been approved by several regulators
CMT’s progress has been widely recognized by many independent experts In October CMT was named the market leader in mobile usage-based insurance by Ptolemus a research firm focused on connected mobility and IoT In June DriveWell was named the Best Auto Digital Insurance Product by TU-Automotive Detroit CMT’s insurance technology solutions have also won multiple awards from Celent Gartner and Digital Insurance
For more information about CMT visit CMTelematics com
About Cambridge Mobile Telematics
Cambridge Mobile Telematics CMT aims to improve safety in the mobile world for people and goods using mobile sensing and IoT AI and behavioral science Since its first product launch in , which helped establish the new category of mobile usage-based insurance CMT has grown to become the world’s leading mobile telematics and analytics company Headquartered in Cambridge MA steps from the MIT campus CMT’s award-winning DriveWell platform is used by leading insurers fleets cellular carriers and other organizations in more than 20 countries improving safety for millions of mobile users To learn more please visit cmtelematics com and follow CMT on Twitter @cmtelematics
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