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.