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Road related risk assessment

This idea is a part of Fintech Open Data Challenge

Moderator
October 26, 2017

"Mobilized Construction has spent the last 3 years developing road analytics software for the East African market. We utilize smartphones to assess road quality through accelerometer data and machine learning algorithms. We are in the process to develop dedicated proprietary hardware devices for installation in vehicles to automate data collection. We believe the European market has significant potential for disruption given a renewed focus for maintenance of infrastructure to extend the useful life road assets. Our operations in East Africa have challenged us to develop cutting-edge mobile-first solutions with significant cost savings. Collecting road surface quality data can be as low as $500 through a smartphone and $100 through an IoT device. In comparison, the primary method today of laser profilers cost over $300,000 for one vehicle. The orders in magnitude decrease in price enables every citizen and vehicle to generate data on road quality and road conditions in near real-time. Use cases are to improve road safety, deploy repairs before critical failures, and optimize business operations to reduce product damage. By further utilizing blockchain technologies, we can in the future develop a system to register road quality while incentivizing individuals to pool their data set into the larger community to harness more insights from the data set.

The value generation.
Collecting data on infrastructure in real-time and using mobile phones provides 10,000x efficiency and launches a platform to utilize road data as a service to build use cases to help industries unlock value from road assets. We see three products that can go to market quickly:

Road Performance Repairs:
Construction companies build and refurbish roads and performance is rated based on road smoothness as measured by the International Road Roughness Index. With Mobilized Constructions new data-set, governments can create performance-based contracts linked to completion in the short term but also calculating road quality over time. This creates a viable link so road financing is tied to availability and lifetime duration versus a simple complete or not complete. This can also be applied to toll road management and auditing that fundamentally shifts risk from government to operators and limit and track public spending better.

Car Insurance:
We can cross reference the quality of the roads to real time speed and diving behavior to better allocate risk on car insurances premiums. Policies can be priced to include time on poor roads and incentivize route changes to reduce vehicle operating costs which have proven to increase by as much as 30% from driving on low quality roads. Insurance

Road Safety and Management Analytics:
Road quality links directly to road safety. Real-time analytics can detect road hazards before they become critical failures and deploy repairs or reduction in speeds. We can also customize to calculate when is the optimal time to repair roads compared to the cost to public and health."

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