Insurance Carriers can Expand Tools Beyond Usage-Based Insurance with Telematics

Xemplar is a Smartphone Usage-Based Insurance (UBI) application that helps insurers for making decisions. It provides cloud-based analytics making every insurer to utilize analytics reports. The application is simple to use and helps to capture driving behavior, data through Smartphone.

Prime Telematics offers five technical features, nine engagement tools, and eight data collection tools to supplement the consumer’s travel. It would collect rapid acceleration, driver’s speed, hard braking, level of traffic, drive times, location and geo fencing information. When the drivers drive unsafely, the Xemplar app could also warn them, and provide with a driving score. More importantly, it will potentially reward the driver for following and improving the score.

The app would provide drivers with traffic reports, direct marketing, weather report, driver improvements, Path Finder, and also a teen driving program.

Telematics has made significant changes in the industry. There is a historic, transformational challenge in the auto insurance industry, owing to the ubiquity of wireless connectivity and increasing the sophistication of in-vehicle electronics.

With the emergence of satellite based navigation technology and global positioning system, there is a rapid development and successful implementation of Telematics system. With the advent of new digital technologies in vehicles, productive electronic management and operational control systems were developed.

Consumers driving behavior can be monitored through integrated navigation, automobile Telematics, and computer and mobile communication technology. These factors help to reduce risks and develop requisite UBI rating plans.

Data recorded in Telematics devices can be used to improve precise rates and minimize losses by providing the best assessments.

Insurance carriers are fast-emerging and becoming a big data industry. It is potentially changing the business of insurance. Now-a-days, automobiles (cars) are parking themselves, finding the nearest gas station when the tank is low, which is an attractive feature. Automobile experts are predicting that cars will be autonomous in the very near future.

On the other hand, insurers who change accordingly with the evolving automotive industry are the ones who can secure their place in resilient conditions. However, these innovations are altering the traditional landscapes of auto insurance.

Insurer’s Telematics programs are increasing rapidly and now include other value-added services based on consumer loyalty. Now, insurance carriers are looking to Telematics to gain a competitive edge.

The services of insurance carriers also include roadside and trip support, other concierge-type services and evaluating your position and needs. There are many benefits to both consumers and insurers through Telematics-based UBI. The benefits include enhanced safety, reducing claim costs, enhancing brand recognition and loyalty, remitting risky behaviour, and alleviating different selection.

Telematics system promises to be a valuable tool not only to consumers and society as well. The data transmitted by Prime Telematics mobile app ‘Xemplar’ helps insurers to track exact driving behaviour in real-time.

Telematics powered UBI programs will benefit both insurers and the insured. Customers will pay insurance, based on how they drive and at the same time, insurers will decide the premium. Gyroscopes in the phone help to detect how fast the vehicle is moving, and after a certain speed, the phone’s texting app will temporarily deactivate.

Safety net providers’ Telematics projects are getting good pace with the fast headway in innovation. Insurers are investing in their ability to gather, store and analyze variable date to solve complex problems with the backing up of an effective Telematics system. It assists to remain a profitable and viable business.

These innovations in Telematics are altering the traditional landscape of auto insurance while presenting challenges that made insurers to rethink the policies, overall business models, and claims processing. New forms of data will manifest operational technology as groundbreaking technology and the social norms emerge through a dynamic insurance carrier.

The major idea behind Telematics is to analyze risk on an individual level. In addition, factors such as gender, age and experience, actual mileage driven will be added.

More accurate factors are to be added in Telematics to calculate the actual driving behaviour by analyzing swerving or hard breaking. However, this enables insurers to measure how a car is driving along with the situation, such as weather, time of delay and traffic conditions.

Prime’s Telematics system, Xemplar, helps to make a successful two-way communication between customers and insurers. The system helps to save your budget on infrastructure and hardware costs.

It enables drivers to know drivers track and provide your business with critical information in real-time. Prime’s Telematics system uses cloud-based computing features to provide the best capabilities for both the insurer and the driver. For more information, please do visit http://www.xemplartelematics.com/

Prime Technology Group, LLC is a global, technology services company with innovation at the core of our business engagements. For more Information visit http://www.PrimeTGI.com