CarIQ

Connected vehicle telematics platform for usage-based motor insurance

Data & Analytics Established Acquired

Overview

CarIQ is a telematics and usage-based insurance (UBI) platform for motor insurance carriers, serving the APAC market. The company provides IoT-enabled vehicle connectivity solutions that allow insurers to price premiums and manage risk based on actual driving behavior data.

The platform collects real-time vehicle data via plug-and-play OBD devices and OEM-integrated telematics hardware, transmitting metrics such as speed, acceleration, braking patterns, location, and mileage to a cloud-based analytics engine. Insurers access this data through web and mobile dashboards to support underwriting decisions, claims resolution, and usage-based policy administration. The platform is delivered as SaaS with REST API integration options for insurance management systems and OEM platforms.

Founded in 2013 by Sagar Apte and Hrishikesh Nene, CarIQ was among the early providers of insurance telematics solutions in India. The company raised USD 16.6 million across five funding rounds from investors including Forte Ventures, Snow Leopard Trust, and Persistent Systems. In August 2019, Varroc Engineering Ltd. -- a Tier-1 global automotive supplier listed on the Bombay Stock Exchange -- acquired a 74% stake, later increased to 95%. In early 2025, the subsidiary was rebranded as Varroc Connect, with mycariq.com redirecting to the new domain.

Products & Services

Usage-Based Insurance Platform

A SaaS-based platform enabling motor insurance companies to deliver usage-based policies. The system processes real-time vehicle usage data to support premium pricing, claims resolution, and risk management workflows.

Key Features

Real-time driving behavior analysis including speed, acceleration, and braking
Premium calculation based on actual vehicle usage metrics
Claims resolution workflow integration

Target Users: Motor insurance carriers

Vehicle Telematics and Diagnostics Solutions

Plug-and-play aftermarket and OEM-integrated telematics devices providing real-time vehicle connectivity and diagnostics. Devices collect and transmit vehicle data to the cloud platform for analysis and reporting.

Key Features

OBD-compatible plug-and-play hardware
OEM-integrated telematics device options
Real-time location and diagnostics data transmission

Target Users: Motor insurers, automotive OEMs, fleet operators

Cloud Platform and Mobile Applications

Scalable cloud infrastructure supporting web and mobile applications for insurers, OEMs, and end-users. Features include driving behavior reporting, predictive maintenance alerts, and usage-based premium calculation tools.

Key Features

Real-time location tracking and sharing
Predictive maintenance alerts for vehicle owners
Insurer-facing dashboards for driving behavior and risk scoring

Target Users: Insurance carriers, fleet operators, consumers

IoT Connectivity Suite

A range of telematics devices enabling vehicle connectivity for both OEM-integrated and aftermarket applications, spanning multiple vehicle segments with firmware options for different deployment contexts.