Smart solutions are cost saving solutions, effective solutions, intelligent solutions, and easily accessible. Delve deeper into smart telematics.
Insurance telematics solutions are becoming smarter with IT vendors trying to differentiate themselves with smart telematics. Today the solutions range from:
- Alerts on dangerous road conditions
- Alerting on traffic slowdowns
- Locating stolen automobiles
- Facilitating roadside assistance and or claim notification in case of an accident
- Tracking teenaged children and older parents
- Encouraging drivers to reduce carbon footprint
- Feedback for safe driving
- Alerts on towing, information on service centers
Smart Data Analytics Solution
In order to derive maximum benefits from UBI, insurers as well as the insureds have to look into data analytics. The Mobile telematics solution helps in analyzing various data pertaining to traffic, dangers, blockades, and suggest the preferable routes the driver can choose. The Mobile telematics solution saves cost on hardware and infrastructure fronts by reaching drivers anytime, anywhere. Today standard mobile telematics solutions come with:
- Web Analytics and Configuration Portal
- Weather Conditions Alerts
- Traffic Alerts
- Teen Driving Program
- Speed tracker
- Location Tracker
Telematics Apps Faster for UBI
Usage based insurance is the order of the day with mobile telematics. Today, OEMs are providing telematics in vehicles itself. Be it inbuilt black box device or telematics mobile app, insurers can monitor policyholders’ driving experience via their smart phones. On the other hand, drivers can get timely feedback on their behavior on their mobile device. Smart options are cost effective options with more features. It is in this area the mobile apps outsmart black box telematics solutions. Insurers are glad to save costs on installing a black box device as it is costly for them. On the other hand apps are cost effective with large number of mobile customers opting for it.
Secondly, telematics mobile applications provide faster data on smart phone thanks to big data and analytics over traditional underwriting. When it comes to tracking driver behavior telematics, apps are faster in providing accurate data for paying premiums, and making claims and settlement.
Besides telematics apps are smarter yet again when it comes to routing. Traditional means of trusting the driver on which routes they have chosen and how much fuel they spent is a constant problem for the fleet managers. It is in these areas telematics solutions have displayed its agility. Longer routes mean more fuel cost. The tracking system in telematics gives alerts on the route drivers need to choose. This will have its implication on money spent for fuel, big advantage for fleet managers.
Telematics and Artificial Intelligence
Let us take a turn to AI. Sooner than later, driverless cars are going to be a reality. Google is on its way to put on the road the first driverless cars. Driverless car’s application needs to be studied in detail. If the car is used for personal purpose, remote control is possible with telematics technology. On the other hand, if the car is used for passenger commuting then there is hope for more savings as the car won’t choose the wrong routes against what the fleet manager suggested. Secondly, insurers are benefited with lesser risks as the problem of deviant driving behavior doesn’t come into the picture.
Finally, while summing up emerging technologies make yesterday’s technologies obsolescent. In this churning, only smart solutions are going to stay. Same is with smart telematics.
