Is Xemplar Value Added Services a Market Disrupter?

It’s a critical time in UBI with connected car meets the connected world throwing up challenges as well as opportunities.

 Mobile telematics comes with value added services like usage based insurance (UBI) which is impacting the vehicle telematics and insurance telematics sectors. Studies have found that UBI is all set to become a market disrupter disturbing the established players and traditional insurance models in the vehicle insurance segment. According to Yahoo Finance report over $21.8bn of automotive premiums will be generated by the Usage-Based Insurance market in 2016.

 Smart phone Based UBI programs the Key Market Determinant

Value added services in mobile telematics will play a key role in market disruption. Currently the PHYD/PAYD insurance falls under four categories:

• OBD-II based UBI programs
• Smartphone based UBI programs
• Hybrid based UBI programs
• Black-Box based UBI programs

 Telematics insurance growth is gaining traction. From 2.8% in 2014 it grew to 6.3 in 2015 and 9.3 in 2016. The projected growth is 19.2 for 2019. Nielsen’s 2015 Insurance Track survey has found that Millennials who comprise 44% are more likely than the average consumer to use a device from their insurance company to track driving behavior in exchange for discounts. UIB is all about discounts for good driving behavior and surcharge for faulty driving behavior. Nielsen’s survey indicates the inclination of Millennials to deal with insurance companies through their smart phones. Because of this stronger reason smart phone based UBI programs will emerge as the key determinant of telematics insurance market relegating other three PHYD/PAYD insurance models to sidelines.

 Role of Value Added Services in Mobile Telematics

Now let us come back to value added services in mobile telematics. If drivers are tracked effectively this can helps in saving time, money, fuel etc. Telematics geofencing software helps in locating the vehicle, entry time and exit time from geofence as well as average time spend in transporting. To be specific fleet managers will be in a position to regulate driver moves on usage of time and fuel from control room. Moreover, if the driver took a different route other than prescribed route or asking the rationale of ‘why a different route was chosen’ will help in setting driver accountability. This will help in tracking incidents like rapes which are sometimes happen due to driver misbehavior. Geo fencing and breach notifications are value added services featured in mobile telematics.

Insurance Requires Efficient Two-way Communication with Customers

Connected car with connected devices’ will be next disruption force in the insurance telematics industry. The 7th Annual Conference and Exhibition on Connected Car Insurance USA 2016 to be held from 7-8 September, 2016 at Radisson Aqua Blu, Chicago, the largest and most informative forum for executives from across the connected car and motor insurance industries will invite lot of attention on this topic. Prime Technology Group, one of the sponsors of this event has responded to the challenge ‘connected cars with connected devices’ with Xemplar a mobile telematics solution that enables fast and efficient two-way communication between insurers and customers.

Shared Driving Data Has Become a Reality

Automotive technology has come a long way. From trying to navigate using physical maps to GPS that points the exact location you are at, technology has evolved and still continues to do so. Today, we can hardly function without the GPS. Technology takes it up a notch and has begun determining how we drive.

Telematics – the latest technology that integrates telecommunications with transportation to make transportation data available in real-time. This technology not only includes navigation and traffic information but also actual driving data. Telematics collates driving data by monitoring hard brakes, rapid accelerations, speed variations, average speed and parking information.

Use of driving data

Who requires driving data? While I may be curious to know how I drive, not everyone is interested. However, there are certain industries that actually benefit from this information. Hence, the purpose of collecting driving information is not focused on individuals who want to improve their driving skills as much as bigger organizations.

Telematics: Unlocking the Futuristic Auto Insurance Strategies

The auto insurance industry is embracing mobility, big data and cloud technologies to provide a seamless experience in insurance policies to customers in the areas of driving history, updates on vehicle health status, feedback on driving skill and so on. The influence of technology on auto insurance industry is manipulating the old insurance strategies and its known fact of inadequate use of technology. But the latest development in vehicle telematics is manifesting the pathway of customers with immediate rewards towards insurers in a unique way, with less complexity and more flexibility in all aspects of auto insurance policies.

In the past, customers were reluctant to pay additional premiums and it was mandatory to avail insurance policy benefits. But with the introduction of vehicle telematics, customers or policyholders can greatly reduce the unnecessary insurance premium charges by showing good developments in their driving skills. It’s like Pay How You Drive (PHYD) concept wherein your auto insurance policy premium is directly dependent upon the nature of your driving behavior.

How Does Xemplar Telematics Support The Insurers?

Auto insurance customers with good driving behavior have always been enthused with the idea of basing premiums on exactly “how much you drive” and “how you drive” your vehicle, for accurate policy customization allows big savings based on their low-risk probability.

Xemplar not only collects UBI-mandated (usage-based insurance) data for insurers, but also provides useful and powerful features for the driver. Since UBI programs require insurers to capture, score and report the policyholder’s driving behavior in real-time, Xemplar comes to their rescue by allowing them to collect information about how their customers actually behave behind the wheel.

Let’s have a detailed look at the Usage-Based Insurance (UBI) that auto insurers have closely aligned driving behaviors with insurance premium/rates calculation.

The Telematics Revolution - What Is in It for Auto Insurers?

As auto insurance enters the center stage, insurance product actuaries are fixing premiums based on usage. There was a time when actuaries worked overtime for an attractive pricing strategy for burgeoning vehicle owners. To bring something revolutionary, it is important that host of factors work together linking diverse stakeholders leading to the development of a product or an idea. In the case of telematics what happened was exactly the same.

Technology is often a two-edged sword where one edge works towards disruption and the other working towards simplification. Both are happening simultaneously in the fast changing world. If this is the case questions like 'what was disrupted?' and 'what was simplified?' need to be addressed and resolved before going into more details on telematics.

Weather, Traffic, Auto Insurance…Finally All in One App! It’s About Xemplar Telematics!

Xemplar provides roadside assistance with its customized telematics app. It is shaping the future of automobiles through technology innovations of today, allowing auto insurers to customize their policies according to their customers’ driving habits.

Are you out of gas?  Have a flat tire?  Or your vehicle is stalled and wouldn’t move? No problem! People do run into all kinds of problems with their vehicles every day. Sometimes they can handle the situation of car breakdowns themselves but in majority of cases they certainly need help from an expert or an app at hand that can trigger a call for roadside assistance.
 

What you need is a customized telematics app like Xemplar that provides roadside assistance to you. With the push of just a button on your mobile app, you can have access to help or informed assistance from one of your roadside assistance providers. They can quickly get your car back on the road.

Get A 360˚ View Of Your Fleet With Xemplar Telematics!

My blog today is about ‘fleetmatics’. The term is not new any longer. If you put the two words ‘Fleet’ and ‘Telematics’ together you get fleetmatics. The word is quite prevalent these days and has found a niche area of its own in terms of its usage. But of course, this blog is not about the new word coinage, it’s about Fleet telematics for sure. Let’s learn more about it…

Prime creates end-to-end telematics solutions for insurance players and automotive fleet management service providers. With its one-stop shop solution Xemplar, you can enforce safe driving behaviour and dramatically enhance fleet utilization.

The two most important imperatives that your company needs to concentrate on are: one is increasing driver productivity and the other reducing fleet operating costs. Therefore, in this context, it is fair to ask yourself: with company goals in mind, how do I ensure that telematics solution works for my fleet management company? There are ways to do that. We say use Xemplar telematics to accomplish all your objectives.

Why Is Xemplar Deployed On Mobile or Smart Devices?

This week we shall see why is Xemplar deployed on mobile or smart devices. This is a logical question one asks when one is trying to install Xemplar app on his/her mobile for the first time. In this blog, let’s look at the “why” aspect of this telematics solution that Prime brings to you.

Before Xemplar was launched, auto insurance carriers could only track the driving behavior of customers who had special telematics hardware installed in their vehicles. While the car embedded device collected the information, there was absolutely no way to determine who was actually driving the car in order to track individual driver habits.

It was a vital piece of information that could not be taken into account with earlier on-board vehicle tracking devices…until now of course! Plus, these telematics devices were an expensive budget liability for insurance companies to distribute to their policyholders.

Enhance Driver Performance with Xemplar Telematics Solution

One of the core aspects of any business is the ability to effectively transport products and data from one place to another, particularly from commercial fleets or a private vehicle to a central office or operator. This is what makes fleet businesses so important to the daily rhythm of global commerce. Enormous bounds forward in mobile telematics technology over the past decade have greatly increased the necessity for fleet businesses to transform their tracking processes and become more efficient.

With a comprehensive framework that will modernize the current system of your transportation infrastructure, it is rather imperative that fleet tracking systems be completely updated and ready to respond to all emergency situations – all the while maintaining low costs for your business and peace of mind for your drivers and other staff members. 

Why Xemplar Telematics System Is Worth Every Expense

Xemplar is Prime’s new enterprise-grade telematics application, designed to revolutionize the auto insurance sector by seamlessly integrating today’s most advanced technologies into your business.  In this blog, we will explore some of the most touted business benefits that come with behavior-based telematics applications.

For several years, auto insurers have been striving towards employing strategic approaches to address two primary issues: policy premium creation by forecasting risk, and claims examination for accuracy. These issues were primarily the focal point of discussion in the insurance industry.

Now with XemplarTelematics, auto insurers can finally harness powerful, easy-to-use technologies that make roads safer and provide the ultimate solution that can improve the performance of your business. 

Download Xemplar, Try It Out For Free!

Xemplar app compatible on both Android and Apple phones determines your driving habits by using GPS and other hardware device.

With Prime’s insurance telematics solution, Xemplar, you have an opportunity to stand-out from the crowd because we believe that with Xemplar telematics at the helm a millennial shift to digital telematics could upend the insurance industry. Its powerful telematics features, which allow unprecedented real-time access, signal the coming of the next disruptive technology. 

Cruising: Shades On. Top Down. Telematics Keep in’ It Real…Safe. 

So welcome to the world of Xemplar! Prime’s specialty android app-based telematics solution you can either download from Google Play or buy it from iTunes and start using the app. But for now, go ahead, try it out for free! Download the app on your mobile now and start using it and check your cruise data: speed, hard braking, rapid acceleration, location, drive times, traffic levels, driver vs. non-driver, and geo fencing.

All of this sounds awesome. Let’s explore a bit more… 

Carriers Looking beyond Usage-Based Insurance

Telematics has emerged as a rising reform in driver safety and insurance norms. Insurance businesses all over the world continue to adapt to usage-based insurance (UBI) to provide tailored services using telematics, creating win-win situations between the insurance seekers and insurance providers.

With the rapid growth in multiple technological advancements, it is rather unjustified for telematics to lag behind. As powerful as a tool it has proved to be for usage-based insurance, insurance carriers are beginning to foresee a competitive advantage in leveraging telematicssolution beyond this traditional usage. With the introduction of pay-per-use (PPU) and on-call services like roadside assistance, claims management, damage control and recovery, workforce administration etc., a new dimension has opened up for insurance providers.

The emergence of Cloud has enabled collection of data and running analytics on it smooth and easy. Having established that, the scope for exploiting this data for commercial innovations and gains has come to light. Organizations can use telematics to build their own predictive models to leverage their data strengths. The adaptation of agile communication trends via mobile devices has enabled automation of consumer communication. This, in turn, has made insurance firms to recognize telematics’ capacity to facilitate real-time data, enabling their penetration into commercial sectors offering telematics as a service. 

“Xemplar- What is a mobile Telematics system and how does it works” ?

 Introduction

The ongoing evolution of previously unavailable technologies is making waves in the auto insurance industry. For all these years, insurers have been employing many strategic approaches to address two main issues – policy premium creation by forecasting risk and claims examination for accuracy. Finally, they have become successful in addressing the issues by harnessing technologies that have made the roads safer.

Auto insurance customers expect the kind of customer service, convenient and engaging, that they have in other aspects of their daily lives. Because of this, insurers are under the pressure to focus on improving all aspects of this business, from service offerings to customer engagement, by delivering flexibility and personalization. Therefore, insurers roll out to UBI (Usage Based Insurance) programs as they are able to deliver the most satisfying customer service with dynamic pricing, payment and claims processing capabilities.

Prime’s Xemplar Telematics App Is a Cut above the Rest!

It’s Xemplar telematics app show all the way. The mobile app, downloadable on smartphones tablets and other devices, utilizes informatics and mobile communications methods to give statistics that insurance carriers need to craft policies and premiums that reflect driving patterns. Xemplar is just not another “app for that”. 

Is your insurance company looking to expand your customer base? Are you looking to nurture your current clients, to build upon and establish partnerships that deliver tangible business benefits to your customers? If the answer is yes, then you can count on us.

 New trends are always on the horizon. 2G network, is soon going to be a thing of the past. 3G is currently in vogue and now 4G is on the horizon! The kind of faster networks and greater bandwidths these high-speed networks provide is unparalleled. We find that change in telematics is the one constant even as another new technology emerges rapidly to revolutionize the current setup for better, faster and, perhaps, cheaper in terms of affordability and appeal to customers.

Telematics and Data Security: Do Mobile Telematics Service Providers Have Answers?

Data security is casting doubts on hype about telematics. At this stage, mobile telematics solutions with embedded layer of security offer hope.

Usage-based insurance (UBI) has its distinct advantages to cover more drivers due to its direct connection between insurance carriers and drivers. But skeptics doubt that this has its disadvantages over data security. According to The Insurance Research Council,consumers have their own doubts over insurance carriers as stewards of personal data. The survey states 81% of them were concerned that "information about driving habits might be misused by the insurance company."

 

Today’s Telematics Fast Evolution can it meet the Demand?

The expansion of telematics, is already being widely incorporated throughout the auto industry. The “bad” drivers of the world may fear the worst, but actually telematics are a two-way street.

 

With Prime’s Xemplar technology, we wanted to put power in the hands of both the insurers and the insured. Instead of requiring hardware that stays in your car, our telematics solution is available with the download of a data tracking mobile app. Rather than using telematics as a tool to punish bad drivers, Prime telematics presents the consumer with features that can supplement their travel and improve their driving. 

• Drivers can collect data on their speed, hard braking, rapid acceleration, location, drive times, and traffic levels. The application can warn drivers when they are driving unsafely, and provide them with a driving score. The application can also potentially reward the driver for improving that score with coupons or other incentives.
• Drivers would receive direct marketing, traffic reports, weather, driver improvements, and claims filing through the mobile app.
• Drivers would also have access to Path-Finder, which allows parents to track their teen drivers. It can also help prevent teenage drivers from texting while driving. Because the app is phone based, the phone’s internal gyroscopes can detect how fast the vehicle is moving. If it exceeds a certain mph, the phone’s texting application will temporarily deactivate. 

Don’t own a car? XemplarTelematics can still enhance your driving experience. One interesting new technology feature, “geofencing,” is being used to keep track of fleets of vehicles that a company may allow a customer to borrow, ensuring that people are not taking company merchandise out for joyrides. This reduces costs, leading to savings which car share companies can pass onto their customers.

 

Rather than being an oppressive “Big Brother,” Prime telematics can promote good driving behavior, making roads and communities safer and save money for customers and insurers. Because of this,companies want to work with us and do some testing, leading to them potentially implement Prime’s telematics technology.

 

Advantages of Mobile Telematics Data Collection

Smartphones and Tablets have become integral of auto insurance business as more and more insurers are adopting bring your own device (BYOD) policy to enable their agents and brokers engage effectively with customers in the field. Doing so will allow insurers to deliver personalized services and earn new customers by reducing processing delays. By leveraging the technologies “Mobility” and “Cloud”, agents/brokers can perform claims evaluation and customer consultation even away from the office. The Insurance industry is in the intermediate stage of the next disruptive shift in how work will be done.

One good idea that’s revolutionizing all aspects of insurance business is telematics and it works on the integration of technologies such as Global Positioning System (GPS), Mobility, Cloud and Big Data analytics. Mobile telematics application installed in customer’ smartphones allow an insurance provider have rich and detailed data such as on-road activity that includes braking, cornering speed and acceleration, the time of day when driving and the distance driven in each trip. Using this precise information, providers can rate driver’s premiums.
 

In addition to rate policy premiums, mobile telematics data is providing opportunities for providers to build and maintain richer relationships with customers than ever before. One of the most exciting options of mobile telematics system is the use of customers’ own smartphones to collect data. These days, as everyone owns a smartphone, it’s relatively a simple job for providers to launch a telematics based UBI program for their customers. So, no investment on any hardware to equip customers for telematics data collection. Moreover, providers can leverage customer’s existing mobile data plan or wifi network for data transmission.
 

Another advantage of mobile telematics data collection is portability, a great opportunity for insurers to gather data about a driver on multiple vehicles.