INSURTECH
INSURTECH INNOVATION
Driving innovation with telematics
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The area where it ’ s most obvious that Big Data analytics are rewriting the rulebook isthe motor insurance sector . Vehicles were some of the first pieces of machinery to widely include an IoT-adjacent technology : telematics .
Telematics — a term that envelops everything from GPS to hands-free voice calling — have been a part of commercial and consumer vehicle offerings for more than a decade now . Today , telematics devices that monitor driver behavior are becoming a standard part of many major auto insurer offerings , allowing vehicle users to take more personal responsibility for their behaviour , and earn lower premium pricing as a result .
Leading US insurer , Progressive ’ s telematic offering monitors the times of day you drive , any sudden changes in speed , whether that ’ s hard braking or rapid acceleration , and your mileage . The result is a policy that better reflects the behaviour of the customer . Reportedly , careful drivers can save an average of $ 114 per year on auto insurance with the Snap-Shot .
MAY 2020