Insurance Technology Featured Article

Telematics: Reshaping Car Insurance

January 09, 2013

Automobile companies have been able to revolutionize the industry by creating innovational discoveries in telematics. Every year, these manufacturers create new car models and additional features that are supported by the latest forms of technology integration.

The task of syncing your smartphone to Bluetooth has been taken to another level by Buick’s IntelliLink system, which not only connects it to the car but also to a touch screen in the dash. For Mercedes-Benz drivers, an app is available for drivers to download apps on their mobile phones and add them directly to their vehicle's Comand “infotainment” system.

As auto manufacturers take advantage of the new industry, insurance companies are at the beginning stages of using telematics. According to Ruthana Foulkes, Insurance Telematics project director, telematics are changing the insurance market and there is a dire need for business to be remodeled in order to flourish.

The Telematics Report 2013 Edition, which has will be released on February 25th, includes an industry survey conducted by Telematic Updates with 1,300 senior level insurance and telematics executives. It revealed that 85 percent of insurance and telematics senior-level executives predict that by 2020, 51 percent of all car policies will be using pay how you drive technologies (PHYD).

Insurance companies could potentially use insurance telematic products and services to create different polices for customers to receive the highest possible ROI (return on investment). Beyond gathering data, the report also offers insights on how collaborations between telematic and insurance providers based on data collections can also help drive the biggest ROI.

While other issues were addressed like the lack of integration standards for telematics companies and content providers between vehicles and new methods of capitalization, the overall message of this new report is clear for the automotive industry: in order to plan for a thriving future the effects of telematics must be clearly understood

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.




Edited by Jamie Epstein

Article comments powered by Disqus

Related Insurance Technology Articles

Farmers Insurance Selects Guidwire to Improve Customer Experience and Internal Processes

Farmers Insurance looks to Guidwire to make processes more agile and cost-effective and to improve customer experiences. [ Read More ]
07/29/2015

Report Analyzes Adoption and Impact of Agile Methodology Use by Insurers

In an effort to look at the benefits to insurers, Novarica, a research and advisory firm focused on insurance business and technology strategy, is out with a new report, Agile at Insurers 2015, based on a survey of 58 insurer CIOs from the Novarica Insurance Technology Research Council. [ Read More ]
07/28/2015

eBaoTech and Alibaba Cloud Launch Insurance Cloud Platform

At the risk of sounding like either a broken record or an "I told you so", it is getting to a stage where it has become almost mandatory in any insurance technology article to point out that industry analysts, financial analysts and even C-levels within all of the insurance industry's lines of business have all said the same thing. This common refrain is either a call to action or a warning. However, no matter the perspective it says to traditional insurers that they must automate, and change th… [ Read More ]
07/27/2015

InsureWell and Algebraix Data to Collaborate on Big Data Analytics for Insurance Industry

InsureWell and Algebraix Data partner to use Bid Data to provide better and more timely info to insurers. [ Read More ]
07/24/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!