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. 

Technology That Best Fits Your Needs 

 

For storage and analytics purpose, the demand for data is huge in any insurance organization. But the lack of standardized data, or structured data derived out of unstructured data, is still a major issue with them. Even there is a lack of standardization in telematics devices as well. All this do present significant difficulties to insurance carriers in their push to effectively incorporate telematics system in their scheme of information technology (IT) infrastructure. The principle players in the hallowed world of telematics ecosystem—whether they are car makers, insurance agencies and simply telematics service providers—are seeking a bigger slice of the market by coming up with their brand of telematics systems. Clearly, the insurance-based telematics market is growing exponentially.

In order to set up a UBI program, selecting the right technology that best fits your bill is just the primary test for insurance providers. Nevertheless, the absence of freely accessible driving behavior data that can be utilized and the existing licensed version of usage-based insurance (UBI) technology that is connected with launching and maintaining a telematics-based UBI program are driving the costs/expenses sky high. To be fair, for insurance providers, the measure of success is quite dependent upon their ability to build a compelling and profitable system without having to pass on the expenses of the gadget/device, installation costs and operation to buyers/policyholders. That would be detrimental to their success. But no worries, issues like these will sort themselves out when insurance carriers begin to blaze the trail with the deployment of telematics system. The future is now. So buckle up.

Talk about insurers facing challenges in employing telematics into their system. But this isn’t surprising. On the contrary, what insurance companies should need to do is to look from the benefits angle that fits within the context of the so-called new insurance ecosystem: prominent among them is the new paradigm that the magic words “Telematics”, “Mobility” and the up-market “Connected Car”can convey to insurance carriers. And, nowhere is this new paradigm clearer than in auto/motor insurance marketplace.

Insurers should overcome the speed bumps on the road to telematics. They can look at the highly sought-after mobile app Xemplar that can help them redefine customer engagement:

·         Offers a customized Telematics solution

·         Enables fast and efficient two-way communication between insurers and customers

·         Can reach drivers anytime, anywhere — and provide insurers with critical information in real-time

·         Streams relevant data that directly impacts underwriting

·         Stays connected with customer via social media

·         Applies predictive analytics to maximize data points

·         Enables Claims Resolution

·         Provides custom reporting

·         Opens new marketing channels

As insurers adopt new ways to market their products and trump up their sales, the focus will always be to delight the customers as companies create new services and experiences for them. At the center of this evolution is Prime’s mobile-based Xemplar Telematics app. It is in the forefront of disrupting the auto insurance market, the benefits of which is worth every expense.