OKChexian has made breakthroughs in location based data streams and smartphone sensor technology to enable on demand insurance products for the Chinese market.
OKChexian was founded in 2014 on the belief that insurance products in China have been left behind by the digital revolution. Although many industries including retail, entertainment, travel and banking have been disrupted, insurance products have remained stymied by heavy regulation and industry incumbents. OKChexian has made breakthroughs made in location based data streams and smartphone sensor technology to enable on demand insurance products for the Chinese market.
There are 3 core pillars of OKChexian:
1) OKChexian APP
The OKChexian APP is a native iOS and Android application that was launched in
2015 in order to provide real time driving behavior analysis to Chinese drivers. The APP is the consumer facing product at OKChexian and has attracted 500,000 users which makes it the most popular smartphone telematics solution in China. However the real innovation stems from advances made in location based data parsing and analytics.
Core metrics of OK 车险 APP include:
• 1.5 million downloads (As of August 2016)
• 400,000 weekly active users
• Most popular features include traffic jam insurance, parking violation insurance and driving behavior feedback.
• Chosen by China Central Television as the leading driving behavior APP
2) OKDrive API
The technology that underpins OKChexian is the proprietary OKDrive software stack. Specifically, OKDrive allows insurers to aggregate, parse and derive risk profiles
from driving behavior and location based data streams. In order to provide real time driving data and driving behavior analysis to Chinese consumers. At its core, OKDrive is based on location based data streams aggregating the following factors relating to driving behavior:
• location (route recognition)
• distance travelled
• route duration
• journey times
• accelerations (& decelerations) both longitudinally and laterally
• harsh acceleration, braking or swerving events
However data aggregation from the above sources is just the first phase of the OKDrive technology. OKChexian have also secured a China patent for the data analytics platform through which the OKScore is generated. The OKScore is the individualized risk profile of each driver and is the first such risk profile authorized for use in the Chinese market.
Core Metrics of OKDrive include:
• Chosen by Zhong An to be integrated with Zhong An auto insurance products
• Chosen as leading telematics solution by CPIC, Sinatay Life Insurance and
• Awarded as best fintech solution at the global economics conference in
Beijing (August 2016).
3) OKDrive Data Lab
The final pillar of OKChexian is the OKData lab from which OKDrive and the OKChexian APP have both been developed. OKDrive (in collaboration with the University of Science and Technology China and Bosch Automotive Group).
3.1 Data Ownership:
The primary advantage of OKDrive is the fact that the auto insurer retains the direct
customer relationship with the policy holder. This relationship is of paramount importance to insurers who wish to build brand loyalty in order to increase their retention rate and ability to cross sell ancillary insurance products to existing policy holders.
3.2 Data Quality:
Data quality is a challenge for every organization than is embracing real time analytics. In this regard, OKDrive can extract driving data at much higher frequency than OBD solutions whilst only requiring 3% of battery over a 24 hour time period and these. Although location data has historically been prone to false readings, the
OKDrive API is able to decipher genuine readings from false data registers in order to generate an accurate picture of users needs based on location and existing profile. The lab has made advancements in data compression and transmission so unstructured
data sets are not being uploaded to servers on a constant basis.
3.3 Platform Applicability
As smartphones are fundamentally mobile, they deal with multi-vehicle and open
driver policies well. Therefore, insurers that integrate OKDrive have the luxury of a cross platform solution, one that seamlessly blends across multiple forms and models and also across ancillary product lines such as personal accident and travel insurance.