1. A method for generating a driving profile of a user, comprising: receiving, by one or more processors executing programmed instructions stored in a memory of an electronic device, one or more values corresponding to a plurality of variables associated with driving of a vehicle, wherein the one or more values so received are sensed by one or more sensors or received from one or more third party sources during driving of the vehicle by the user; determining, based on the one or more values, one or more safety scores corresponding to the plurality of variables, the one or more safety scores for a driving trip being computed after the driving trip is completed, wherein the driving trip is completed based on the fulfillment of one or more conditions associated with driving of the vehicle; determining a cumulative safety score for the driving trip based on the one or more safety scores; and generating the driving profile of the user based on the determined cumulative safety score.