Joël Reyes of Huecore
June 19, 2019
May/June 2019
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Huecore 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.
What inspired you to create the company?
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.
How does the product work?
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 datato 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 competitively priced premiums to drivers.
Why is it important to create accessible technology?
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.
Is your product helping drivers on a budget?
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.
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