No Nonsense says the technology, which is fitted to applicants' cars for six months, is set to transform the way in which car insurance premiums are determined.
The news comes as the EU has banned insurance discounts based on gender.
No Nonsense says the scheme will be seen by many younger women as an ideal way to avoid the significant increase in premiums and instead get cash back of up to 30%.
At the launch, Jackie McMahon, General Manager of No Nonsense, said: "We see the introduction of these new products as another step towards cutting out the nonsense in the Irish car insurance market.
"It should be all about how safe a driver you are.
"For the first time, younger drivers will now have the opportunity to prove that they are safe drivers and, in so doing, receive up to 30% cash back in their premiums."