Telematics, Analytics &Big Data: Driving the Insurance Industry to the Next Level

Telematics, Analytics and Big Data are transforming auto insurance industry. But wait, there is more… What about ‘mobility’? You know that you deserve a better insurance premium rate than the one your insurance company has assigned to you. That’s where Prime telematics technology is coming in the clutch. It’s taking the wheel, literally, for you.

Insurance agencies are recording driver information through gadgets/devices in passenger cars, which allows them to set-up insurance premiums that denotes the driving style of drivers.Insurers can now install an intelligent device into your car that measures up your driving behavior. By having the device set-up in your car, it’s possible to demonstrate that you drive safely. So can your phone drive a car better than you can? Yes, almost. In case you're frustrated at having to pay a high insurance premium, Xemplar telematics could be the solution for your car insurance problems. That’s the basic essence of things that the new age of telematics can bring you.

Now we come to the question: how can Prime telematics prove you right? Prime ensures that you’re properly insured. Our mobile-based app Xemplar aggregate telematics information to recognize general patterns and utilize it as a source of reference points/perspectives for setting personalized policy premiums for individual millennial drivers precisely based upon their risk profile: in which data on their driving habits is just one of the many real-time in-car features.

From the insurance companies’ perspective, setting personalized policy premiums for drivers, their driving habits come into sharp focus. All the telematics data that are captured gets analyzed for setting insurance premiums. Mom and Dad were there for all of your first driving lessons. Thanks to Prime telematics, Mom and Dad’s expertise never have to leave you. So next time when you’re on the go, remember that there’s no time like Prime time.

Again from the insurer’s point of view, however, telematics based or usage-based insurance (UBI) programs (or pay-as-you-drive (PAYD) and pay-how-you-drive (PHYD)) require advanced capabilities to gather customer-specific behaviors and usage patterns and that’s why telematics apps are making great inroads to support both consumers’ and insurers’ needs. We will explore, this point in detail in one of my future articles.

Benefits of Xemplar Telematics: Safety, Time, Cost

Prime is now in the advanced stages of the next-gen disruptive technology of telematics. With such a powerful economic catalyst sweeping across the insurance industry and as a result of new, cloud-powered technologies, change has come at an accelerated pace. Our solution Xemplar helps analyze this wide pool of data to more accurately calculate premiums and lets insurers customize policies.

Our service offerings in Telematics and Analytics include:

• Minimize downtime and by monitoring real-time operational data
• Compare historical data with the new real-time data for better insight
• 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

Telematics, Analytics and Big Data bring new value to the automotive industry. While we know that for years auto manufacturers were somehow able to capture telematics data by using dongles, black boxes, embedded telematics and such like, but there were too many limitations that really hindered their usefulness in terms of portability or mobility issue, but now no more. Now with advanced telematics like Xemplar you can have it through your preferred method: your smartphone device.

They say you never, truly, stop learning, right? Your driving skills may be a little outdated, but don’t worry – Prime’s Xemplar telematics solutions are here to help. With that note, we leave you to explore the brave new world of telematics. Please visit xemplartelematics.com for more information.