How mobile telematics is making our roads safer
One of the trademarks of auto insurance in the 21st century is the fact that it doesn’t really exist, meaning the auto insurance landscape is constantly evolving with new technologies every day. Here, we explore how mobile telematics solutions are the key to helping not only your auto insurance business stay ahead, but create safer roads for everyone.
“Don’t text and drive.”
“Phones shouldn’t be allowed in the car, ever.”
“People who use phones in the car deserve what happens to them.”
These are all common mantras heard in most conversations related to mobile devices and car use. That’s right; Often times, those who use their phones while driving do so at the expense of paying attention to the road, endangering their own lives and those of those around them.
But what if it were possible to use mobile devices safely in the car? Even better. What if mobile phones and tablets could make driving safer?
It sounds too good to be true? It is not, all thanks to the growing wave of mobile telematics solutions that allow auto insurance companies to interact with their customers like never before. Mobile telematics solutions harness the power of everyday wearable devices such as smartphones, smart watches and tablets to find customers in “their turf.” These applications, according to Intellimec, offer “a unique opportunity to transform [… ] The market takes advantage of the technology that most consumers already have. “After all, the vast majority of drivers already own at least one of these devices and use them on a daily basis to maintain communication, consume news and entertainment, and even regulate multiple social media channels.
As a result, auto insurance companies around the world and in the United States are steadily adopting usage-based insurance (UBI) methods. UBI enables these operators to collect massive amounts of real-time data on the driving patterns and behavior of their policyholders through telematics applications specially designed to track usage patterns, frequent destinations and routes, and even traffic or weather conditions during accident or collision situations. These insurance providers can tailor their plans and policies to each unique driver.
But what telematics features specifically make these roads safer for drivers? Let’s explore some of them.
Premium technology for both insurers and policyholders
You’ve probably heard the phrases “in the cloud” and “SaaS-based analytics” in the insurance and administration industries in recent months. Cloud / SaaS analytics are emerging as the backbone of auto insurance; These systems offer amazingly configurable dashboards that allow you and your drivers to understand the data stream live from the mobile app and web portal. Consequently, companies can now customize their policies and premiums based on the driving history of their customers. Simply put, drivers are rewarded for their “good” behavior, and this translates to safer roads for everyone!
Advanced informational tools and data collection capabilities
But, what real tools within the system allow such annoying information management? The best mobile telematics apps keep track of all your hard brakes, faster-than-usual acceleration, time spent behind the wheel, and even your most frequented locations and routes. As mentioned above, these functions work together to create reports of your driving patterns, as well as to suggest safer or faster routes to your usual destinations.
Telematics apps can even distinguish drivers from non-drivers to create precisely configured reports for both monthly updates and FNOL claims submission. Policyholders can even receive live updates on impending traffic and weather. In addition, the more advanced systems contain Teen Driving Programs, which offer parent / guardian-sanctioned location and speed parameters to help beginning drivers develop safe driving habits. Even with social networks they can play a role if users so wish; Drivers operating on telematics networks can interact with each other to exchange helpful advice, creating safer and better protected driving conditions for all drivers.
Greater customer engagement on and off the road
All of the above tools formulate an environment in which clients and insurers interact with each other on a more equitable basis, and within relationships are built on deeper trust. Auto insurers can collect raw data from consumers, who no longer need to worry about providing evidence of conditions after accidents. Mobile telematics transforms the customer-business relationship from one based on evidence and prosecution, to one based simply on creating better driving conditions for each driver.
More affordable premiums, safer roads, and long-lasting, loyal customer relationships – what could be better? Mobile telematics apps are the beginning of a revolutionary way of thinking about auto insurance, and that revolution could very well include your business.