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.
