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How is telematics redefining the insurance industry?

slide1 How is telematics TELEMATICS Redefining the insurance industry? Download Whitepaper
How is telematics redefining the insurance industry?

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. 

Onboard telematics help insurers to respond faster to claims made by customers by utilising the impact and accident data that is automatically recorded and is available for their review. As soon as an accident occurs, an alert is sent to the insurer. Telematics can offer the following benefits:

 
Reducing claims costs
Reducing
claims costs

Increasing the number of potential touch-points per year
Increasing the number of potential touch-points per year

Providing personalized, value-added services to customers

Enhancing customer loyalty satisfaction levels
Enhancing customer loyalty/ satisfaction levels.

Within five years, telematics based or UBI (Usage Based Insurance) is expected to account for 20% of all vehicles insured in the US.

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?

Read our whitepaper “ How is telematics redefining the insurance industry? ” to know more!

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