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.
Mileage and driving patterns are recorded using readings derived
from tachometer or odometer or information from in-vehicle devices (telematics)
that are generally installed into a port specially meant for this, or through
pre-installed equipment/gear fitted by the vehicle manufacturers in the vehicles.
The essential thought process that has gone in the idea of telematics auto
insurance is that driver patterns or behaviors are checked specifically, while
the vehicle is being driven (or in motion, for that matter). These telematics
gadgets measure various data components that are of specific interest to the
underwriters: number of miles driven; speed; time of day; braking; where the
vehicle is driven (GPS); locations frequented; hard cornering; air bag deployed
or not, etc. All of this information can be monitored and recorded using one
mobile application that Prime has to offer, that’s Xemplar.
The level of information gathered for the most part mirrors the
telematics innovation employed and the policyholders' readiness to share
individual information. The insurance agency then evaluates this vital information
received and calculates insurance premiums accordingly for the insurance
holders. For instance, a driver who drives at high speed will be charged a
higher rate of premium than a driver who drives at slower speeds. Using the UBIsystem,
premiums can be collected using an assortment of methods such as debit accounts,
direct billing or through smart cards.
Xemplar provides this capability by collecting varied real-time driving
stats/variables (mentioned above), gathered from your ‘connected’ car. The telematicsdata thus acquired is directly linked to your insurer’s rating engines and
back-office systems for insurance processing.Some of the engagement tools that our
telematics app is equipped with are as follows:
·
Fosters driver improvements
·
Traffic risks/alerts
·
Weather hazards/alerts
·
Filing of First Notice Of Loss
(FNOL) claims
·
Capture of images/videos
·
Find a route, via PathFinder
tool
·
In-car technology for teen
driving programs, etc.
Therefore, if you are thinking on the lines of effectively leveraging
customer engagement that’s quick and convenient then you have to have a mobile
application that’s profoundly engaged with your customers. In an incredibly
lucrative industry such as insurance, Xemplar promises to enable better claims
assessments because of some of the true custom capabilities that it brings for
both the insurance carriers and drivers insured with them.
Benefits for Auto
Insurers:
•
Leveraging customer
engagement in car insurance
•
Providing initial
premium discounts for the vehicles enrolled
•
Enhancing the
reputation and brand, especially relating to policy issues such as safety and
the environment
•
Improved fraud
analysis, fraud detection and cost of fraud
•
Telematics value
additions like gamification
•
Increased customer
satisfaction, retention, and loyalty
•
Real time reports
with Mobile and Web apps
•
Easy claims
handling process
•
Incentives for
behavior that prevent losses
Xemplar is a bespoke telematics mobile application
which is designed by keeping in mind about the engagement between consumers and
insurance companies. This sought-after telematics system opens a two-way
communication between them. Having designed and operated the most developed
telematics platform available on the market today, we are focused on delivering
a unique solution that complements the existing IT frameworks of your company,
offering a simple and affordable implementation experience for you.
