- May 8, 2018
- Posted by: Anirudh Pulikonda
- Category: Insurance
Telematics Car Insurance: With the advent of technological advancement, the Insurance sector is also going through a massive transformation. You can’t trick the insurance agencies by anyways as they are getting smarter day by day.
Insurance companies were facing huge losses because of false claims, and then telematics came into the picture. Not only it would benefit the insurers but also the people who are their customers. Let’s see how telematics can change the world of the insurance sector.
What is Telematics and how Telematics Car Insurance is useful?
Telematics is a branch of Information Technology which deals with long-distance transmission of computerized information. Telematics can be used in insurance sector to get live location details with the help of a vehicle tracking device which can be fitted in your vehicle.
A lot of other relevant data, collected by means of additional sensors – on top of tracking – can be clubbed together to provide better insight to insurance companies. This will include capturing driving patterns in way more than one. Easing the job for insurance companies comes next to the AI based reports and other pertinent analytics.
It is going to monitor the performance of your vehicle and track using built-in GPS. Your location would be tracked 24/7, and the data can be integrated with mobile apps which come handy.
Even driver’s behavior while driving could be monitored to know whether he is rash driving, over speeding or doing any kind of vehicle misuse.
The device helps in making calculated decisions which would result in higher safety and security. It would also help in maintaining a secure relationship with your insurer. You will be safe and secure, and at the same time you will end up saving your precious money.
How can vehicle tracking device save customer’s cost?
Not only insurer’s cost would be optimized but it would also lower customer’s cost also. You must be wondering how it is possible? When you enroll for a Telematics Car Insurance, you will get discount on motor premiums.
For high-tech cars like SUV, you will get a good amount of discount because the device would help in vehicle thefts which reduces loss percentage for insurance companies.
Also, the data collected using the telematics device help in the faster resolution of the claims. So, this is quite positive for customers as well.
Features of Telematics device
The data which it collects in real time will help in a lot of ways. You will be driving safely. What else can be more significant than your well-being? NH Safe is a telematics device which is developed by Cyrrup.
It’s been designed to ease the process of claims in the insurance sector and to reduce the loss percentage of insurers. With NH Safe, you can record the front view and in-cabin recording.
You can even have the facility of remote voice monitoring. It would act as proof in accidents or incidents for insurance claims, false accuses and illegal blames. It comes with a web dashboard and an Android app tracking.
You can be safe and secure with its front collision system which will help in detecting objects in front of the vehicle. Collisions would almost be 0%, and your health would be 100%.
How is it beneficial for Insurers?
You must be thinking that insurer is providing you telematics car insurance which comes with the device and at the same time he is offering you a discount on premium as well. Isn’t it weird why someone is doing this for free? No, you are wrong.
They have some long-term goals behind that. When you have a telematics device from an insurer, he can track the performance of your vehicle. Rash driving can be monitored which helps in lowering cost for insurance companies.
Many people do false claims for getting money out of insurance companies. In 30% of the cases, it is the rash driving of customers which is the cause of accidents. So, insurance companies can get rid of these false claims by having statistics from the device provided for the telematics car insurance plan.
Another reason would be the increasing number of thefts of vehicles. After vehicle thefts insurance companies have to pay their customers the insurance amount which has increased their loss percentage.
So, now with the help of GPS enabled vehicle trackers, insurance companies can get rid of these claims by tracking the lost vehicle. I would say that this is a perfect example of revolution in the insurance sector. Check out NH Safe for more details.