The twenty-first century’s hallmark of car insurance is that there isn’t one. This is because the auto insurance landscape is continually evolving with new technologies. We will show you how mobile telematics solutions can help your auto insurance company stay ahead of the curve and create safer roads for everyone.
“Don’t text while driving.”
“Phones shouldn’t ever be allowed in a car.”
“Those who use their phones in cars deserve what happens to them.”
These are the most common phrases you hear in conversations about mobile devices and car usage. It’s a common refrain: many people who use their phones while driving put their lives at risk by not paying attention to the road and putting their lives, as well as those of others, in danger.
What if you could use your mobile device in safety while driving? Even better. Imagine if mobile phones and tablets could make driving safer.
Does it sound too good to be true This is possible thanks to mobile telematics solutions, which allow auto insurers to interact with customers in a way that has never been possible. Mobile telematics solutions use the power of everyday, portable devices such as smartphones, smartwatches and tablets to reach customers in “their territory”. According to Intellimec these applications offer “a unique chance to transform […] The market by leveraging technology that the majority of consumers already own”. The vast majority of drivers have at least one of these devices, and they are used daily by them to communicate, watch news, enjoy entertainment, and regulate multiple social media channels.
Auto insurance companies around the globe and in the United States are increasingly adopting usage-based insurance (UBI). UBI allows these companies to gather massive amounts of data about their policyholders’ driving habits and behavior using telematics apps. These applications are specifically designed to track usage patterns, frequent destinations, routes and traffic conditions, as well as weather and traffic conditions during accidents or crashes. These insurance companies may customize their policies and plans to suit each driver.
What telematics features create safer roads for drivers? Let’s take a look at a few.
Premium Tech For Both Policyholders and Insurers
In recent months, you’ve likely heard the terms “cloud-based” and “SaaS based analytics” used in the insurance and admin sectors. These systems are expected to become the backbone for auto insurance. They offer highly configurable dashboards that enable you and your drivers access the live data stream via the web portal and mobile app. Businesses can adjust their premiums and policies to suit their client’s driving record. Drivers are rewarded for their “good” driving behavior, which leads to safer roads for everyone.
Advanced Informative Tools & Data Collection Capabilities
What tools are actually available to enable such precise information management? Mobile telematics apps that track your driving habits, such as hard brakes, accelerations faster than usual, time behind the wheel, and your most frequented routes and locations, are some of the best. These features can be combined to create reports on your driving patterns and to suggest safer routes or faster routes to your most frequent destinations.
Telematics applications can distinguish drivers from non-drivers to provide accurate reports for monthly updates and FNOL claim filing. Policyholders may even receive live updates on traffic and impending weather, Furthermore, the most advanced systems contain teen driving programs, offering parent/guardian-sanctioned location and speed parameters to help beginner drivers develop safe driving habits. Social media can also play a part if users wish. Telematics network drivers can communicate with one another to share useful tips and create safer, better-protected driving conditions.
Increased Customer Engagement Off and On the Road
All the tools mentioned above create an environment where clients and insurers can interact on a more equal basis. This helps to build trust and strengthen relationships. The auto insurers can collect data directly from customers, so they don’t have to worry about providing evidence after an accident. Mobile telematics changes the client-business relationship. Instead of being based on burdens of proof and accusations, it is based on improving driving conditions for all drivers.
What could be better than more affordable premiums and safer roads? And loyal, long-lasting customer relationships. The beginning of a revolution in auto insurance is mobile telematics, which could also include your business.