Periodic Reporting for period 1 - Cloud Your Car UBI (Establishing new eco-driving methods to score drivers and to enhance good driving habits based on advanced analytical B2B software platform for Connected Cars.)
Reporting period: 2016-02-01 to 2016-05-31
Task 1: Perform a technical and technological feasibility study
Task 1.1: Assessment of technical viability and refinements required to achieve industrialization and final commercialization of CYC:
Detailed assessment of technical viability and refinements required to achieve industrialization and final commercialization were performed. We have also analysed all features of our product and compared them with our direct competitor. As a result, a list of features to be improved were prepared.
Task 1.2: Phase 2 Pilot Definition: demonstration of activities carried out by at least 1k+ road users:
We have identified more than 2 500 units for pilot deployments across the players in the insurance industry in Europe.
Task 2: Perform a market and commercial feasibility study
Task 2.1: Market assessment and segmentation:
Detailed market study was performed. We have identified market trends and number of ecosystem players on telematics market which should be included in our business network. The most suitable countries for the first market entrance were indicated.
Task 2.2: Patent and IP protection study, "Freedom to Operate":
We have performed extended analysis of the Intellectual Property in our company and prepared a strategy to be implemented in the next phase of the project. Freedom to Operate was confirmed.
Task 2.3: Partner search:
We have established business relations with companies related to the insurance industry. They expressed high interest in a future cooperation with IoT in a field of pilot activities and commercialization.
Task 2.4: Regulatory framework study:
Certifications needed and other legal barriers were identified. We have estimated costs to be incurred and time needed to comply with the rules and enter the market. Also data protection issue was analysed in details.
Task 2.5: Business Plan - market launch strategy with detailed and necessary steps for production and distribution:
Production and distribution were planned. We have identified partners to perform these activities in the most optimal manner.
Task 3: Create an updated business plan:
We have updated our initial business plan. We have chosen first countries to be entered, clarified our pricing strategy and performed financial analysis indicating project profitability.