AXA joins hands with Chung Shing Taxi, TaxiSafely to calculate taxi insurance 

The three will bank on a technology called Internet of Vehicles to enhance road safety.

AXA Hong Kong and Macau is joining forces with taxi firm Chung Shing Taxi and tech firm Taxi Safely to launch Hong Kong’s first Internet of Vehicles (IoV) project.

50 taxis from SynCab and Chung Shing Taxi will install TaxiSafely’s telematic devices. These devices are equipped with a unique high-sensitivity duo lens, the detection device provides real-time monitoring of road conditions with a 3D lens, accurate detection of obstacles, and advises taxi drivers immediately on the high-risk precautions to avoid accidents, for example, distance to the vehicle ahead, as well as tangent drive.

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Using this technology, AXA and Chung Shing Taxi will review and analyse the data to assess the driving safety of the taxi fleet. The data will help AXA determine the insurance premiums based on the the actual driving performance of the taxii fleet, the past underwriting and claims records and provide premium discounts to those taxi fleets with good driving records, ensuring fair treatment especially for drivers with good driving performance and enhancing awareness on driving safety amongst taxi drivers.

The telematics solution invented by TaxiSafely will collect and transmit the data through 4G to an encrypted cloud system and undergo big data analysis which tracks individual driver’s behaviour and performance. The solution will also provide traffic black spot reports and recommendations for improvement for drivers based on their driving behaviors, which aims to optimise the overall fleet performance.