Softbank invest in CMT around $500 million as per the reports. So, What CMT does? Cambridge Mobile Telematics (CMT) collects the data from its mobile app and hardware installed in the Car which is used to analyze the driving behavior of the operator and predict the possible crash instances in the near future.
The data will be useful for car insurance companies to help them understand the crash incidents and prepare custom insurance plan for its customers.
It is Usage based auto insurance that prices insurance premiums on the basis of how people drive.
This article Emailed on, Thursday, December 27, 2018 to our Newsletter subscribers at 7 Am IST.
Softbank invest in Insurance
CMT app also helps drivers to improve their driving skills with the help of leader-board style competitions and monetary incentives for improvements in driving.
Softbank is looking for bigger opportunity in Insurance business as CMT is helpful tool for policy makers.
There are 1.2 billion vehicles on the road in the whole world now and 875 million policies to cover them.
“Softbank’s $100 billion vision fund is backed by Saudi Arabian government and it’s looking for tech companies to invest which can impact the future of business”.
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