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Today, the term telematics is a buzzword in the insurance sector as it continues to rapidly revolutionize everything from the first notification of an accident through the claims process up until the final claims settlement.
Telematics or usage based insurance gives insurers access to information and an unprecedented depth of insight into their customers. This helps them customise products, offer the right kind of advice and even provide lower premiums and discounts based on the findings.
Telematics has proven to be successful in the IoT space, across industries. This holds true for not just automobile insurance, but will soon extend to other aspects such as home, life and others, considering the connected device can give a heads- up warning or alert to the customer, helping them rectify the error or alter their way of living. Are you future ready?