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

Bain & Company Offers Global Insurance Customer Loyalty, 2014

Bain & Company, a business consulting firm, has presented report on "Global Insurance Customer Loyalty, 2014". The new comprehensive customer survey and report includes opinions of 158,000 policyholders in 18 countries in Europe, the Americas and Asia. [ Read More ]
07/24/2014

Insurance Noodle Offers Cyber Liability Coverage

Everyone knows about home, auto, and life insurance; they are staples of everyday life that most people have and some cannot imagine going without. Businesses, too, have insurance packages that protect their buildings and other material possessions. In a time when technological possessions are growing in number and importance, though, are businesses adequately covering those assets as well? [ Read More ]
07/23/2014

Mitchell Enhances WorkCenter Solution with New Dispatch Tools

Mitchell, a company serving Property & Casualty (P&C) claims and Collision Repair industries with its technology, connectivity and information solutions, has announced that it has included new enhancements to the Dispatch module of the WorkCenter claims management solution. [ Read More ]
07/22/2014

Oscar Gives Millenials the Healthcare They Want

The "young invincibles" of the millennial generation may finally be courted by the healthcare industry, thanks in part to the health insurance provider Oscar. [ Read More ]
07/17/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!