The insurance industry is poised to leverage business intelligence from Internet of Things data to offer policyholders value-added services and process optimization. But these opportunities require getting beyond mere point solutions and deploying a comprehensive, scalable and flexible Internet of
Through the Internet of Things, car insurers now have the ability to track drivers’ behaviors in real time. While this method of determining premiums has great potential, there are still outstanding issues that must be addressed before it can be adopted throughout the industry.
The Internet of Things is providing organizations with new opportunities to expand their business offerings, grow and retain valuable customers, and improve existing processes to increase efficiency and reduce costs. With an estimated 24 billion connected devices by 2020, the Internet of Things
For insurance companies, the integration of big data and analytics solutions with telematics technologies offers important opportunities to extend the use of telematics data beyond usage-based insurance (UBI) and improve competitive differentiation.
Cars are rolling gold mines of information, gathering data about the driver, the driving environment and, of course, the car itself as well as any connected devices. Automakers can use this data to enrich the driving or service experience, improve safety and enhance vehicle quality.
My previous blog posts have been focused on how analytics can help drive telematics to the mass market and help identify who is suitable for a telematics policy. In this blog we take a step back to consider the data privacy and security issues around the data that is generated from devices or apps
Insurers have relied on black box solutions for Telematics to date. This blog entry will examine the use of SmartPhones as an alternative to the black box and how it may benefit both the Insurer and the Consumer.
The cost of entry into the Telematics market for Insurers has been high to date,
In my last blog entry, I discussed how data is at the core of a telematics solution first and foremost to price a customer’s policy based on how they drive.
However, data is also an essential aspect for the mainstream adoption of telematics. If Insurers are going to pursue the mass-market in
Motor insurance policies are traditionally priced on forecast risk - using rating factors such as number of miles you might drive, where you live, your age, the engine size and what you will use the car for - customers then pay a premium based on these values - however the introduction of