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Your car insurance premium could soon depend on how well you drive your car as electronic security system provider Zicom is in talks with insurance firms to offer its IoT-based Vehicle Passenger Safety Solution.
Street Smart is a gadget that’s attached to the On-board diagnostics (OBD) port of any car and can provide several preventive safety updates as well as alerts in case of an accident. An accident alert is sent to emergency contacts set by the user while a central command centre is able to track the vehicle using in-built GPS to send assistance.
The device also offers a rash driving alert, which could be useful to improve your own driving behaviour and for fleet operators to track how the drivers are operating their vehicles.
Other features
Street Smart feature alerts the owner about the usage of the air conditioner in the vehicle whether he is present in the vehicle or someone else is using it. In case the car is towed away or is stolen, Street Smart notifies the user.
Additional features are car diagnostics, performance and trip log and fuel efficiency report.
“We have been working on the IoT platform for the last 3-4 years and Street Smart is a part of that research. Our initial reports indicate a huge demand for the product and we expect to sell at least 40,000 units in the first one year itself,” Pramoud Rao, Promoter and Managing Director of Zicom Electronic Security Systems, told BusinessLine . “We are also in talks with insurance companies to offer it as a package wherein your insurance premium could go down if you install the device in the car as this could improve passenger safety and thus the number of insurance claims filed,” Rao said.
Sales target
Zicom aims to capture 30 per cent of the 210 million vehicle passenger safety segment using the IoT platform to capture the market over the next five years. The company is undertaking a go-to-market strategy to touch-base with consumers.
Street Smart will be first available online on Amazon, Flipkart and Snapdeal for B2C consumers and the company is in talks with manufactures, OEMs, insurance and corporates to capture a larger market in the B2B category.
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