ROADHOW, an app designed and developed in Solihull to help drivers to become safer and more aware on the road has secured £500,000 from Midlands Engine Investment Fund (MEIF) WM Equity Finance Fund, managed by venture capital firm Midven.
The software platform and app, which has been in development for two years, can be used by motorists to test their driving knowledge and aid further learning.
Insurers will be able to review and monitor the data collected and offer incentives or discounts on car insurance, adding a new set of data into the insurance pricing and underwriting decision making process.
Learner drivers can also use the RoadHow app to practice DVSA Theory Test revision questions.
The developers say it is the only app on the market that allows learner drivers to build their knowledge in the form of a series of AI-calculated scores as they work towards passing their test, with insurance providers ready to offer premium incentives for drivers who have used RoadHow.
The funding is set to support the business’s growth plans, with RoadHow set to welcome new staff over the next 12 months, supporting sales and marketing, as well as software development and tech.
RoadHow is the brainchild of Adrian and Anne Ryan.
Both have strong backgrounds in multiple technology sectors, having successfully built and sold global aircraft data and records management platform, FLYdocs, prior to developing RoadHow.
Mr Ryan said: “For too long, the insurance industry has had limited visibility of driver knowledge and skills data upon which to base underwriting and pricing decisions.
“We’re changing that with RoadHow.
“Through RoadHow, we will be able to provide insurance companies with real data that will create a much stronger relationship for both the insurance company and the driver.
“We want to reward good behaviour through data.”
Tim Pile, chair of Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) said: “RoadHow is a hugely ambitious business, and it is fantastic to see its work come to fruition following MEIF funding.”