The number one cause of most road accidents is ‘distraction,’ and most of the distraction these days has been using a smartphone by drivers while driving. These types of accidents cost the insurance companies, government agencies, and a police a lot of money and unnecessary trouble as it is difficult to prove the ‘distraction.’ In 2019, Total Traffic Accidents in South Korea were approximately 1.59 million, with 3.1 trillion won made in insurance payments (Korean Insurance).
Korean startup Global E-Detail (GED) is an Insurtech company that has developed a
BBI (Behavior-based Insurance) analysis solution that informs about texting behavior of drivers while driving. The TED (Texting, Evidence, Driver) system is a character input prevention system through smartphone and mobile during driving. It can prevent traffic accidents through letter use in advance. GED has patented the TED system. The Insurtech solution has two ways to deal one through the TED block where the phone usage is blocked while driving, and another focusing on the user’s behavioral analysis.
System analysis driver’s texting patterns while driving
While driving, the most dangerous activity is texting over calling or watching entertainment online; hence GED’s solution gives out the texting behavior information giving complete information to all concerned agencies if a road accident happens and helps avoid future mishaps. The behavior analysis doesn’t get any information about the text content because of privacy laws but can analyze the texting timing and keyboard usage. The system’s uniqueness is based on input analysis, unlike other solutions available in the market, which predict the output analysis like calling or watching entertainment on a smartphone.
GED’s solution can help insurance companies lose millions in claims because of the non-availability of proof of a driver’s texting behavior. In case of accidents, the system can also aid police in investigating accidents as per facts about driver’s conduct while driving. If a driver is texting while driving and meets an accident, the mobile phone’s impact time screenshot because of the TED system can inform the police and insurance companies about the cause.
GED to expand TED system to Europe, South East Asia countries
GED is currently looking at the B2B and B2G markets for selling its product. It has already made inroads in South Korea and has been in talks with several insurance companies and government agencies in other countries. In Spain, 60% of accidents are caused by texting, and millions are lost in the insurance claims because of no-proof; GED is in talks with an insurance company. The startup has also held talks with agencies in the Philippines and participated in events in the UK. But the COVID-19 restrictions have caused some delays in starting the operations, but the Insurtech startup is hopeful of resuming global partnerships soon. GED is mainly into business of patent-based IT / IoT-related projects, including CharS Smart Charging, TED system, Ai BigData AD, and Real wireless charging.
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