Mobile Telematics is the integrated use of mobile communications, vehicle
monitoring systems, and location technology in order to track certain metrics,
both for application in vehicles and with the control of vehicles on the move.
Insurance companies are increasingly recording driver information via in-car
devices,armingcarrierswith vital informationto set insurance premiums that
reflect the unique driving style of individualmotorists.
As insurance companies strive to leverage
analytics for improved decision-making, telematics retains the potential to
bring the most significant transformation to insurance operations to date. Here
are the top 10 mobile telematics features offering the newest operational efficiencies,
helping you attain maximum return on your investment.
1.
Mapping a safer future: A modern
Telematics system methodically analyzes a motorist’s driving style in order to
tailor its assistance to the driver in a wide range of situations. For
instance, the system can automatically brake if the
driver is going too fast, improperly judging the sharpness of the bend ahead,
or using his or her phone too frequently. The intuitive telematics systems deliver
comprehensive real-time feedback – a two-way communications treet via
smartphone applications – between drivers/customers and insurers.
2.
Helping driverless cars become a reality: Autonomously driven cars are fast transitioning from the stuff of
fantasies to real life production lines. Driverless cars will steer, brake,
accelerate, and merge into traffic without direct human control. They are
expected to dominate our roads over the next two decades — and all this will be
impossible without advanced telematics!
Mobile telematics
will be the key differentiator for Car-as-a-Service (CaaS) opportunities,even as
CaaSbecomes the driving force behind commercially viable versions of urban
transportation systems.Users will soon be able to summon a driverless car via a
mobile app much like Uber or Lyft. In addition, there will be no hefty associated
costs, as this will dramatically lower the cost of mobility services as a
whole.
3.
Gamification for Behavioral Modification:Gamificationincentivizes policyholders to drive more safely by offering
them the opportunity to earn discounts on premiums. This promotes overall safer
driving habits and greater traffic safety, including behavioral modification amongst
drivers —providing exceptional results for both customers and insurance carriers.
4.
Increased use of the ‘Internet of Things’:As part of the“interconnection or network of everyday physical objects
via the Internet”, the global telematics market is exploding in connectivity and
growth.This ever-increasing connection of things
via smart-watches, smart-phones, and other ‘wearables’ has enabled the rise
of what has become dubbed the IoT (Internet of Things). In the world of
insurance, the IoTcan help more accurately determine customers’ health, reduce
turnaround time for the initiation of claims, and even cut down on the frequency
and severity of claims.
5.
A shift towards Usage-Based Insurance (UBI) programs: Usage-based Insurance is gaining heavy momentum.UBI programs allow insurance
carriers to monitor customer driving habits. By capturing and relaying vehicle
usage info while tracking driving behavior, UBI thereby creates a new business
model for auto insurance companies by helping them improve their products,
pricing, and strategies for customers.
6.
Improved Claims Processing capabilities: Big Data analytics can help vastly improve claims processing for
auto insurance companies. Insurers are already taking proactive steps by utilizing
various data sources, such as social media, to process claims more efficiently
and eliminate fraudulent claims.
7.
Sensor Support: Not only can connecting
to telematics systemshelp avert potential disasters — for instance,by detecting
overheated engines or oncoming crashes —but they can also prevent costly nuisances
such as unproductive idling by distinguishing between work and idle time, tracking
seat belt use, etc. Ultrasonic sensors hardwired into your car’s GPS tracking
unit or high definition cameras can receive alerts that might save your engine,
gather data on car usage, and uncover general inefficiencies associated with
your driving behavior. The devil is in the details.
8.
A Connected Driving Community: A vehicle
equipped with the combined power of both internet and GPS is a ‘connected car’.
With the help of mobile telematics, drivers of these connected cars can easily
interact with other one another and develop car pooling to help save fuel
costs. The vehicle can then provide convenient notifications based on the
driver’s preferences and the locality he or she is driving in.
9.
In-Cab Videos and Alerts: In-cab video
recording devices can come in handy when footage of the driver’s own actions
can be shown to the driver. In this case, on-board telematics features allow fleet
managers to harbor potential evidence against drivers’ faulty claims.
10.
Premium User Experiences: Top-notch,user-friendly
experiences are the ultimate key to the success of mobile telematics-based
solutions. Easily identifiable data, real-time alerts or scheduling reports, customizable
dashboards, and even event notifications are all examples of how telematics seamlessly
encompasses all aspects of modern daily life – whether in the home, at work, or
even the local coffee shop.
