Key learnings from 6th annual motor insurance telematics conference
Markus Klein, head of sales at tigerlab joined the 6th Annual Motor Insurance Telematics Conference on 11th – 12th March 2021. The event gathers leading motor insurance telematics professionals to talk about current market trends, new opportunities, and hidden risks of the new reality.
Markus learned so much about the technology and summarized his key learnings throughout the event. For this article, he compiled 5 of the greatest learnings from the event including the latest technology, trends, and benefits. Let’s dive in!
#1 Gamification with telematics drive customer engagement
By using telematics with gamification to promote customer engagement, insurers can easily identify low-risk customers, cross-sell and promote safety on the road. Nonetheless, a well-designed gamified insurance experience is important to effectively measure and capitalize on customer behaviour. For example, the point-scoring feature in telematics award/ deduct points for good/ bad driving behaviour. Drivers can create their own groups or invite friends into a group they want to drive against with. Then, the competition will reward the safest driver with a voucher or other physical rewards. This makes telematics more than a tool for insurers, it also becomes a very fun application for the insured.
#2 Video Telematics delivers essential insights about the vehicle and driver
While video telematics is common for fleet management, many people also see the benefits for insurers. The use of dashcams provides next-level insight into driver behaviour. It provides real-time information to disprove or prove liability in an accident, providing the insurers a quick and accurate overview. It also provides the insurers complete transparency of the events that happened before, during, and after the accident. Since the footage recorded by the dashcams is easily accessed, both insurer and insured can refer to the video around an accident, which provides objective evidence of what is happening.
#3 Insurers are waving a caution flag at Advanced Driver Assistance Systems (ADAS)
Motor manufacturers are developing technology like ADAS to prevent accidents, which might seem like a good way for insurers to offer lower premiums. However, the recent development turns uncertain due to the reluctance of motor manufacturers to offer detailed information of car models with ADAS. Insurers have insufficient information to verify what the motor industry promises on the safety benefits of ADAS. It is believed that if better information is delivered, the insurance industry will respond positively to the insurance application of ADAS. As a result, it has the potential to greatly improve road safety, which will benefit the insurers and also the insured.
#4 Save cost in Fleet Insurance with telematics
It is common that if there are more drivers and vehicles in a fleet, the insurance premiums will become higher. However, the use of driving data through telematics technology can simplify fleet management, but also lower the insurance premium. Many insurers provide a discount just for having a GPS tracking system and dashcams in place for fleet management. By doing so, it develops a safe culture of driving, minimizes the chance of theft, and the access to trustable video evidence. As such, it helps fleet companies to ease growing pains while reducing insurance premiums as they grow their business.
#5 Telematics is key to proactive Risk Prevention
Telematics is useful to prevent car accidents as aggressive and distracted driving behaviour are the root cause of rising car accidents. The try-before-you-buy model in telematics enables insurers to understand the drivers’ behaviours at an individual level and identify the risk indicators of accidents. After being identified, insurers can reject clients with higher risks or arrange coaching to correct the improper and aggressive driving behavior, which ultimately prevents the risk of car accidents. Furthermore, it is effective in mitigating risky driving behaviours that are more prevalent among young drivers as good driving behaviour saves them money.
How i2go telematics can help your insurance business
Telematics is poised for rapid growth as more and more companies are recognizing the advantages of telematics technology. Therefore, insurers should work with a technology partner with technical expertise and commercial experience to receive better support at every stage of the project. In tigerlab, we offer a complete i2go telematics solution from actual data collection through numerous devices, to the premium calculation based on telematics scoring and the automation of the entire policy lifecycle that enables insurers to deliver 360° UBI experience.
Learn more about how i2go can help you leverage the most modern telematics technology. Schedule a call to learn more today.