Professional Documents
Culture Documents
10 Vendors Providing Telematic Solutions: Moneysupermarket'
10 Vendors Providing Telematic Solutions: Moneysupermarket'
10 Vendors Providing Telematic Solutions: Moneysupermarket'
https://www.technavio.com/blog/top-10-vendors-global-commercial-telematics
25 Telematics Providers
https://www.cioapplications.com/vendors/top-25-telematics-solution-providers-
2017-rid-32.html
Articles:
http://www.ey.com/Publication/vwLUAssets/ey-introducing-pay-how-you-drive-
insurance/$FILE/ey-introducing-pay-how-you-drive-insurance.pdf
Drawbacks:
Cost
Privacy
POTENTIAL BENEFITS
Social and environmental benefits from more responsible and less unnecessary driving.
Commercial benefits to the insurance company from better alignment of insurance with
actual risk. Improved customer segmentation.
Potential cost-savings for responsible customers.
Technology that powers UBI/PAYD enables other vehicle-to-infrastructure solutions including
drive-through payments, emergency road assistance, etc.
More choice for consumers on type of car insurance available to buy.
Social benefits from accessibility to affordable insurance for young drivers - rather than
paying for irresponsible peers, with this type of insurance young drivers pay for how they
drive.
Higher-risk drivers pay most per use, thus have highest incentive to change driving patterns
or get off the roads, leaving roads more safe
For telematic usage-based insurance: Continuous tracking of vehicle location enhances both
personal security and vehicle security. The GPS technology could be used to trace the
vehicle whereabouts following an accident, breakdown or theft
The same GPS technology can often be used to provide other (non insurance) benefits to
consumers, e.g. satellite navigation.[7]
Gamification of the data encourages good driver behavior by comparison with other drivers.[6]
POTENTIAL DRAWBACKS
There are limits to the ability of any insurance system to predict future risk, including usage-
based insurance. Some lower-risk drivers will still subsidize some higher-risk drivers, to
some extent.
For usage pricing, driving habits must be documented, raising privacy concerns especially in
the case of systems which use continuous GPS tracking of vehicles.[2][8] Personal information
such as where you drive may also be inferred using only data such as speed and distance
driven
Pricing plans based on behavior may be harder to compare between insurance companies,
making it more difficult for consumers to price shop and reducing competition.
US based Implementations:
Metromile
Snapshot by Progressive
Allstate
Liberty Mutual Insurance
National General Insurance
Australia
QBE
Real Insurance
Spain
Mapfre and Generali
Floow Limited
By Miles
well as the company’s new platform which will take data from any device to
deliver insurance telematic services. The platform has the ability to retrieve
data from 17 different sensors within the vehicle. By integrating data from
these sensors and having a platform approach, combined with on-demand
mobility solutions, they can provide 10 to 12 percent reduction in the total cost
of ownership of fleet insurance due to crash detection, better claims
management and efficiency in getting vehicles repaired and back on the road.