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

Wolters Kluwer UK Selects Vlocity Insurance to Enhance Online Customer Experience

For several months the buzz around the insurance industry has been that insurers should have a sense of urgency about investing in technology, specifically those that enhance the customer experience-or suffer what some observers believe will be dire consequences for those who continue to be laggards. The message seems to be resonating as indicated by the announcement that cloud software solutions specialists, San Francisco, California-based Vlocity Inc., has been selected by the U.K. division of… [ Read More ]
05/21/2015

Flowfinity Partners with Marshall & Stevens on Improving Efficiency

While most companies believe that moving to digital services and mobile applications helps efficiency, there is now a new report that seems to underline that fact. Flowfinity Wireless, already a proven provider of enterprise mobile applications recently released a new case study that showed just how much this efficiency can be improved. This new report centered on the valuation consultancy firm, Marshall & Stevens. This firm took measures such as replacing scanned notes with mobile apps, which r… [ Read More ]
05/18/2015

Zenefits Fights Legal Obstacles in Business Model that Provides Free Software

Zenefits has found itself recently involved in several court battles with state insurance regulators over whether or not their business model constitutes an illegal rebate. It is the latest example of technology taking market share from an industry whose services are traditionally provided through brokers. [ Read More ]
05/12/2015

Guidewire Software and Capgemini to Improve Claims Processing for Zurich's UK General Insurance

In an article written on Computers and Animation Journal in 1969, computer scientist Edmund Callis Berkeley said, "Most problems have either many answers or no answer. Only a few problems have a single answer". If there is one business that seeks to find multiple answers to many of its questions, it is the insurance industry [ Read More ]
05/12/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!