Waypals

“Waypals is a most advanced and comprehensive Connected Vehicle Service and falls under the domain of Automotive/Insurance IOT.

During the lifecycle of any vehicle, there are three stakeholders who interact with each other i.e. OEM, Insurance Company and the Driver. Currently, these stakeholders work in their own silos and there is very little interaction between them.

Waypals decided to build a Connected Vehicle Platform, where the data can seamlessly flow between these three stakeholders. If this data is analysed appropriately, it can be of tremendous value by providing location based services and other critical services.

Insurance fraud stands out from all the challenges as it is destructive for insurance companies. According to Aviva fraud investigation, 9 out of 10 insurance claims involve fraud. Insurers have no other option other than to pass these losses to clients, and this leads directly to higher car insurance costs. The problem of insurance fraud is complemented by present-day insurance systems which appear to be arcane due to the inability to measure the risk.

Waypals is market leader in space of Insurance IOT or Telematics Insurance. Telematics Insurance means that insurance renewals will be based on vehicle usage and driving behaviour. Insurance IOT creates lots of options for Value added Services in Insurance and Micro-Insurance.”