i3 - May/June 2019 - 38

Policy

By Izzy Santa

FAC E S O F I N N OVAT I O N

uecore Founder and CEO Joël Reyes has developed a
connected car platform that provides insurers with the
data needed to identify real risk exposure, improve
underwriting and shorten claims processing. Huecore transforms more than 267 million disconnected vehicles currently on
the road into connected smart cars, giving drivers the power to
upgrade older model vehicles with the latest technologies. i3
recently sat down with Reyes to learn about Huecore.
Q What inspired you to create the company?
A I was living in Manhattan, and one night

I parked my car on the street. The next
morning as I walked to my car, I noticed that
someone smashed into it. To my surprise,
whoever hit the car had taken off without
leaving a note and left behind $6,000 worth
of damages. I started looking for solutions
that could be placed discreetly on my
vehicle without obstructing its look and feel.
When I realized there wasn't a product available, I decided to develop a technology to
protect my vehicle and my peace of mind.
Now a year and a half later, with Huecore,
we have a product that is valuable to drivers
and insurance companies alike.
38

MAY/JUNE 2019

Q How does the product work?
A Huecore is the technology hub delivering

advanced features for consumers, facilitating integrations to smart city initiatives, and
providing insurers with enriched, granular
data. The primary consumer product that
connects to and provides vehicle data
to Huecore is our SmartFrames product.
SmartFrames is a connected smart license
plate that introduces all the necessary elements for advanced, connected features on
otherwise disconnected vehicles.
Consumers enjoy an extra layer of protection and peace of mind with features
like parked vehicle protection and the ability to generate a policy report and easily

file an insurance claim directly through
the mobile app.
On the insurance provider side, Huecore
processes the vehicle data and feeds
information to our proprietary provider
platform called Insurtech. Insurers can
access enhanced telematics, IoT and
mobile-generated data to identify real
risk exposure, based on the individual's
precise driving behaviors. Benefits include
streamlining the claims processes, improving underwriting, and enabling insurers
to offer more accurate and competitivelypriced premiums to drivers.

Q Why is it important to create accessible technology?
A Technology is an empowering equalizer.
Huecore helps drivers avoid having to pay
a premium to access advanced features
that can impact their safety as well as their
passengers. Huecore transforms legacy
cars into connected smart cars, giving
drivers the power to benefit from the latest
advanced features and for insurers to better protect their customers.
For most drivers, one unexpected repair
bill can trigger a financial emergency. With
this type of technology, we're giving drivers
the ability to be protected from unprovoked, added vehicle financial burdens
outside of their control.
Q Is your product helping drivers
on a budget?
A Absolutely. A car is a significant investment and often an even bigger liability.
The average insurance deductible is
$1,000 per accident. When an accident
does occur, there is a ripple effect which
can cause premiums to skyrocket for
years. Then after repairing your car, you
return to the same high-risk parking
zones, starting the cycle again.
Huecore offers an extra layer of protection and peace of mind. Our technology
is scalable and has the potential for future
applications as well. We're looking into
smart city initiatives to help cities better
alleviate traffic congestion and security
applications, such as break-in alerts, and
whether a child, pet or valuable has been
left inside. This is just the beginning of our
technology innovation.
I T I S I N N O VAT I O N

Andrey Konovalikov/Getty Images

Joël Reyes
of Huecore

https://www.huecore.com/

i3 - May/June 2019

Table of Contents for the Digital Edition of i3 - May/June 2019