Telematics
refers to the use of in-car factory-installed and aftermarket devices or
applications to transmit data in real time back to an organization, including
data about vehicle use (for ex: miles driven, speed and location using GPS),
maintenance requirements, air bag deployment or automotive servicing.
Insurers' record
driver information through gadgets/devices in passenger cars, which allows them
to set-up insurance premiums that denotes the driving style of drivers.
Monitor Driving Behavior, Maximize Utilization
By having the
device set-up in your car, it’s possible to demonstrate that you drive safely.
In case you're frustrated at having to pay a high insurance premium, telematics
could be the solution for your car insurance problems. Insurers who adopted
telematics early on gained a great competitive advantage as they were able to
not only increase their market share by offering better pricing and services,
but also win consumers’ loyalty.
Let me provide you
a quick overview of what Prime is done in its innovation labs to develop a
telematics system that enables insurance companies in fast-track adoption of
telematics and present a detailed discussion on a telematics using a cloud-powered
SaaS-based analytics dashboard. Custom web portals including mobile app
development are also available for your information, allowing you to be safer,
smarter and greener. Prime’s Xemplar
telematics system will keep you protected and supported no matter wherever
you are, whether you are at home or on the go.
Reduce Cost, Improve Efficiency
The prime
Insurance telematics solution leverages aggregated telematics data to identify
general trends and proof points and use them as reference points for accurately
calculating premiums for those drivers whose risk profiles are found to be too
high.Insurers can base their decisions on usage-based personalization that
helps reducing claims costs.
Using connected
car Xemplar statistics, insurers can more precisely predict risks, sharpen their
pricing strategy and as a result provide better value to their motor insurance
policyholders. This specialized feature of Xemplar’s will
help insurance carriers to reduce insurance frauds because they will be able to
mitigate risks associated with such telematics-based services.
Our service
offerings in telematics include:
- Minimize downtime by monitoring real-time operational data
- Compare historical data with the new real-time data
- Improve productivity and adjust quickly to disruptive changes
- Increase new sources of revenue by delivering value-added services
- Decrease operational costs and generate more value using telematics
Prime is now in
the early stages of the next disruptive technology of telematics. In the changing
landscape of mobility and telematics, we have the right solutions to energize
your business to create new customized services and experiences for their
customers.
With a powerful
economic catalyst sweeping across the insurance industry and as a result of
new, cloud-powered end-to-end usage-based
insurance (UBI) technologies, change is apace. Our integrated portfolio of
telematics-enabled solution helps analyze this wide pool of insurance claims,
policies, billing and rating data to more accurately structure insurance premiums
and helps in easily customizing policies
for auto insurance policyholders.
