Free StreetOwl App Evaluates How Users Drive and Connects Them with the Maximum Available Auto Insurance Discounts Based on the Way They Drive
San Francisco, CA – April 29, 2013. StreetOwl Inc. (www.streetowl.com), a startup focused on telematics and driving safety, is announcing the first of its kind platform which allows consumers to privately measure their driving and comparison shop for Usage-Based Insurance. Accessible through a free smartphone app and powered by a patented telematics platform, StreetOwl is the first product specifically designed to connect consumers with the Usage-Based Insurance policy that can offer them the biggest discount.
Usage-Based Insurance or UBI is rapidly gaining traction as insurers attract safe drivers by offering them the biggest discounts available in the market. Also referred to as Pay As You Drive (PAYD) or Pay How You Drive (PHYD), most of the major insurers are already offering UBI programs for consumers, including Progressive’s Snapshot and State Farm’s Drive Safe and Save. The majority of policies are predicted to involve UBI in 5 years, so options for consumers are rapidly increasing. However, the insurers offering UBI programs are each measuring different driving variables, making it tough for consumers to know which of these programs will give them discounts.
“Over 50% of new auto insurance policies come from comparison sites like Insweb, so we know this is the preferred method for consumers to shop for insurance,” said Ofer Raz, CEO of StreetOwl. “Unfortunately, there is currently no way to comparison shop for Usage-Based Insurance as it grows because actual driving measurement is required.
Unlike current comparison sites that only evaluate demographic information, our free service utilizes smartphone sensors to measure actual driving behavior and compares it against the wide set of variables needed for each UBI policy. After measuring just a few driving sessions, we connect users with the insurer that has the biggest potential discount based on how well they drive and the available programs in their area.”
StreetOwl also motivates and helps users to adopt safer driving habits, which can lead to higher savings. This is possible because StreetOwl users are in control of their driving data. This control allows drivers to put their best foot forward by confirming or establishing safe driving habits before selecting and joining a UBI program from insurers.
StreetOwl is in closed beta with a open Beta release scheduled for later this quarter.
StreetOwl is a first-of-its-kind platform which allows consumers to privately measure their driving and comparison shop for Usage-Based Insurance. StreetOwl founder, Ofer Raz, previously founded GreenRoad Technologies and has more than 12 years of experience as an entrepreneur and driving-behavior expert.
StreetOwl’s world-class team is constantly pushing the science of behavioral driving to deliver amazing easy-to-use solutions with cutting-edge technology. StreetOwl is based in San Francisco. For more information, visit www.streetowl.com