Insurers Gain Invaluable Insights with Telematics

Telematics refers to the use of in-car factory-installed and aftermarket devices or applications to transmit data in real time back to an organization, including data about vehicle use (for ex: miles driven, speed and location using GPS), maintenance requirements, air bag deployment or automotive servicing.

Insurers’ record driver information through gadgets/devices in passenger cars, which allows them to set-up insurance premiums that denotes the driving style of drivers.

Monitor Driving Behavior, Maximize Utilization

By having the device set-up in your car, it’s possible to demonstrate that you drive safely. In case you're frustrated at having to pay a high insurance premium, telematics could be the solution for your car insurance problems. Insurers who adopted telematics early on gained a great competitive advantage as they were able to not only increase their market share by offering better pricing and services, but also win consumers’ loyalty.

Let me provide you a quick overview of what Prime is doing in its innovation labs to develop a telematics system that enables insurance companies in fast-track adoption of telematics and present a detailed discussion on a telematics using a cloud-powered SaaS-based analytics dashboard. Custom web portals including mobile app development are also available for your information, allowing you to be safer, smarter and greener. Prime’s Xemplar telematics system will keep you protected and supported no matter wherever you are, whether you are at home or on the go.

Reduce Cost, Improve Efficiency

The Prime Insurance telematics solution leverages aggregated telematics data to identify general trends and proof points and use them as reference points for accurately calculating premiums for those drivers whose risk profiles are found to be too high. Insurers can base their decisions on usage-based personalization that helps reducing claims costs.

Using connected car Xemplar statistics, insurers can more precisely predict risks, sharpen their pricing strategy and as are sult provide better value to their motor insurance policyholders. This specialized feature of Xemplar’s will help insurance carriers to reduce insurance frauds because they will be able to mitigate risks associated with such telematics-based services.

Our service offerings in telematics include:

• Minimize downtime by monitoring real-time operational data
• Compare historical data with the new real-time data
• Improve productivity and adjust quickly to disruptive changes
• Increase new sources of revenue by delivering value-added services
• Decrease operational costs and generate more value using telematics

Prime is now in the early stages of the next disruptive technology of telematics. In the changing landscape of mobility and telematics, we have the right solutions to energize your business to create new customized services and experiences for their customers.

With a powerful economic catalyst sweeping across the insurance industry and as a result of new, cloud-powered end-to-end usage-based insurance (UBI) technologies, change is apace. Our integrated portfolio of telematics-enabled solution helps analyze this wide pool of insurance claims, policies, billing and rating data to more accurately structure insurance premiums and helps in easily customizing policies for auto insurance policyholders.

Using the new-age telematics systems, insurance companies the world over are gaining invaluable business insights plus the necessary driver-related statistics. Prime’s connected car Xemplar telematics system is setting a new paradigm shift for insurers to seize the opportunity to connect with all their stakeholders.

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