Shopping Discussion

Cheaper Car Insurance Rates with Wearable Tech?

  • Last Updated:
  • Nov 6th, 2015 3:33 pm

Poll: Do you want to find out more about our insurance model?

  • Total votes: 6. You have voted on this poll.
Yes
 
2
33%
No - I have a poor driving record
 
0
0%
Dont Care
 
4
67%
[OP]
Newbie
Jan 11, 2010
11 posts
1 upvote
ajax

Cheaper Car Insurance Rates with Wearable Tech?

Hey Guys,

My name is Pragas, and I am one of the co-founders at Qrble Inc. I'm not trying to sell you anything, I am here on a fact finding mission - trying to get real feedback from the biggest deal addicts from the city that raised me. We are a SMALL company out of Toronto looking to take on the BIG task of trying to transform the insurance industry. We want to completely change the logic behind the way insurance companies calculate the monthly insurance premiums you pay. Today, insurance premiums are calculated using the historical information of a predefined population, we're saying focus on the individual and the realtime health metrics we relay to the insurance companies in real time using the Triage band (a wearable device we built from scratch).

To be completely open with everyone, we are at the stage where we're trying to convince insurance companies to adopt our technology and pass it on to their clients (me and you) for free. So far none of the insurance companies we approached are ready to eat the costs associated to making the device as they feel the market isn't ready for a more effective insurance pricing model. I'm trying to build a case for the us by asking you guys (the market) what you think. Basically, if you're not stressed out when you drive, you pay less for insurance, if you are stress out when you drive you pay more! The Triage band can accurately measure your stress.

Why do you have to pay more if people your age drive recklessly is the question I ask? Please do not participate in this if you have a poor driving record ;)

Appreciate all your help. I can be reached directly at 647-923-9805 (lets go raptors)
9 replies
Deal Addict
User avatar
Dec 16, 2007
3907 posts
1018 upvotes
Toronto
stress is the only thing that this "band" measures? and having stress causes you to pay more insurance? sounds silly to me
you should invent something that shows that youre not distracted by phone while driving

you should add to your poll a flat out NO not interested
Deal Expert
Aug 22, 2006
21617 posts
7520 upvotes
Not a chance.

Unless you open source the protocol so I can see exactly what's sent to you (and even then...) I'd rather not let the insurance company track my every move.

In places like Vancouver, you're literally a hazard if you're driving the speed limit.
If the insurance company sees this they could easily increase my premiums because I'm speeding 90% of the time even though I'm keeping up with the flow of traffic.

Even if it just measures stress, I shouldn't be paying more if I have a stressful job.

This idea needs to die right here right now.
Deal Addict
Sep 20, 2008
1297 posts
358 upvotes
Kanata
Your poll options are horrible and narrow minded. I have a great driving record and I don't want to find out more information mainly because I don't trust now the insurance company would use it.

My wife had an app on her phone that judges how she drives and gives a score. She can have up to a 20% reduction in rate because of this. I refuse to have it because if I am in an accident, it will be used against me.
Deal Expert
Jan 7, 2002
15921 posts
8229 upvotes
Waterloo, ON
Hmmm... I thought that in order to get the discount on my auto insurance I'm supposed to put the winter tires on the wheels of my car -- not wear them.

More seriously, what does your offering do that isn't already available via insurance company provided wireless monitors that plug into the car's ODB port? IOW why would the insurance industry pay any attention to your idea when they already have a better (IMNSHO) option, that's been piloted in several countries around the world and that they're already rolling out to their clients in Canada?
veni, vidi, Visa
Deal Addict
User avatar
Nov 9, 2005
4186 posts
1456 upvotes
Vulcan, AB
I fail to see how stress is a good indicator of safe driving. I've met PLENTY of people who are incredibly reckless drivers, simply because they don't care. They speed in school zones, run red lights, tailgate, etc. all the while, they are perfectly relaxed because driving is a game to them. They're not stressed, yet according to your logic they should receive a discount on their insurance.
[OP]
Newbie
Jan 11, 2010
11 posts
1 upvote
ajax
Hi hitman_24,

Just a bit of background - we initially created the device after my grandmother passed away in a Scarborough hospital in Toronto, the hospital staff found out she died four hours after she died. So we saw a problem that needed to be fixed. The primary driver of the device is stress, but we are also able to monitor your ECG, Temperature, Pressure, Blood Oxygen levels, and Stress. We can do what the common fitness trackers available in the market can do like monitoring your like steps, sleeping patterns, and calories burned all in real time.

The stress sensor we built is very new, in that we don't fully know what its capable doing. As of it as of now we have figured out how to understand and manage your attention span, focus, productivity, and stress. We want to first help you manage your stress, and increase your productivity before we allow you to subscribe to our insurance plans so that it would be worthwhile for you to make the switch.

Appreciate your feedback!
Deal Expert
Jan 7, 2002
15921 posts
8229 upvotes
Waterloo, ON
npragas wrote:
Nov 6th, 2015 10:19 am
The primary driver of the device is stress, but we are also able to monitor your ECG, Temperature, Pressure, Blood Oxygen levels, and Stress. We can do what the common fitness trackers available in the market can do like monitoring your like steps, sleeping patterns, and calories burned all in real time.

The stress sensor we built is very new, in that we don't fully know what its capable doing. As of it as of now we have figured out how to understand and manage your attention span, focus, productivity, and stress. We want to first help you manage your stress, and increase your productivity before we allow you to subscribe to our insurance plans so that it would be worthwhile for you to make the switch.
What scientific evidence, as opposed to anecdotes and wishful thinking, do you have that these sorts of criteria are good predictors of higher auto insurance claims?

And again, what does your concept provably accomplish for the auto insurance industry that they can't already do with wireless monitors that plug into the car's ODB port?
veni, vidi, Visa
Newbie
Nov 17, 2010
45 posts
7 upvotes
Montr
+1 to hitman_24; poll options are insufficient.

Building on what others have said, I fail to see how stress, or any other soft health attribute, is a good enough measure of driving ability that it should factor into insurance prices.
Stress levels vary day to day, month to month, etc. With something like this at their disposal, I can imagine insurance companies would be interested in having fluctuating rates based on the data provided, and I don't want my premiums to vary month to month. If my employer just announced that we'll be facing a big round of layoffs soon my stress will surely increase. You're saying that should make my insurance also increase?
Banned
Feb 9, 2011
1393 posts
930 upvotes
Edmonton
Your poll options only serve to help your cause; it's meaningless.

Additionally, please elaborate on how you're measuring stress. I'm sure potential companies interested in your device on the differences in measure cognitive anxiety, physiological arousal, etc.

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