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Sometimes you have the feeling that you pay more for your auto insurance you should actually the note is relevant only your driving style because you are not browsing as risky as they seem to think that time is about to conclude thank you to new technology the automotive insurance industry will change completely in the next few years, the word telematics Mode If you are a conscientious pilot this development could be quite to your liking If you are interested in working in the sector car insurance, it is worth more to you, as exciting and innovative time to come.
One of the most tedious and recurring conflicts between motor insurers and their customers could soon finally a chapter of the past The question of the appropriate assessment of the exposure to lead Although the analysis many factors Keywords such as age, annual mileage, accident history, the length of the driving experience and the type of vehicle insured, has already been allowing insurers to reconstruct a surprisingly accurate picture of their customers for many years there is still room for improvement.
Telematics Pay As You Drive Pay how you drive.
Driving with care will now be rewarded as it should no more insurance premiums that you can not trace or relate to, because you will receive an auto insurance that is precisely aligned with your driving skills and habits With given two local first, your car should be equipped with the necessary technology and secondly, you must give your consent to this kind of large-scale monitoring Nothing is behind your back.
The index Your car collects data as you drive via your smartphone, clean electronic car or a plug-in device, it is able to directly transmit various types of information, for example, this could be your exact location, mileage, speed, and forces workers G on your car while speeding and so the term for this type of technology is a composition telematics telecommunications and informatics words, and this technology is a strong trend acceleration on the vehicle market and among auto insurers.
Our cars are collecting more and more data while driving navigation systems are just one of the sources.
Some figures to illustrate this evolution According PTOLEMUS Consulting Group, the share of telematics policies allowed the automobile insurance market will reach about forty percent in the UK in 2020, when it was estimated to reach ten percent in 2016 although this study sees the British in a leading position, multiplying the size of the 2016-2020 market is shared at European level and can also be seen in the United States.
Due to rapid technological progress which offers access to the Internet without wire ubiquitous, the connected car becomes a reality nowadays increasingly popular in the last fair IAA 2015 auto trade in Frankfurt several major manufacturers have introduced convincing solutions for so-called technology C2X C2X means -With-X-car communication and the abbreviation X is a placeholder for alternatives such as your smartphone, the Internet in general, road infrastructure, etc. An interesting aspect not only the classic OEM Original Equipment manufacturers have an interest in this business, but other players are also companies like Siemens IT utilities as the German energy supplier RWE probably going to be big business.
Hard work for analysts and actuaries, but an interesting perspective of employment too.
Yet how these details be of any interest to car insurance Briefly By receiving and analyzing data transmitted, insurers are able to customize their Telematics offer help them build their business while on a custom basis for they are able to offer rates tailored precisely to your ability individual driving it will be a difficult task for analysts and actuaries, but an interesting job prospects too.
This trend of technology consists of two different models.
Pay As You Drive Insurance PAYD use GPS devices to signal the actual mileage of a car in order to provide customers with an offer that corresponds exactly to the distance they are driving.
Pay How You Drive Phyd The latest telematics model is further than you can see in the title insurance Here receive more comprehensive data on the customer's driving style as described in the paragraphs above and are able individualize their offers based on only one factor.
As good as this concept may seem, there are also some disadvantages in the end, how just a telematics based insurance is revealed, always depends on the interpretation of the data, so it is important to specify in advance what the company insurance considers good and road safety, to avoid unpleasant misunderstandings.
Unclear aspects could be among others the definition of too rapid acceleration, a brake too hard or cornering However, some telematics systems erase all doubts from the beginning, they give you review your behavior in real time and can also act as an incentive for driver s to work on their skills This could even become a kind of gamification approach in real time.
Pilots have nothing to hide can benefit a lot from this concept tailored car insurance.
Another aspect that could be a red flag for some drivers is the collection of their personal data Since the Big Data appeared, privacy in the age of digitization has been a topic of much debate it is important to bear in mind not to sign the contract based telematics blindly always look beautiful and feel close, to check how the insurance will protect and interpret the data transmitted to Allianz, we care very conscientious customer data, such as trust of our customers has always been and always the most important part of our business.
Ultimately, the decision for or against a telematics based insurance is everyone's individual taste While this surveillance may seem scary to some, for others it is a step towards achieving a system 'fair and transparent insurance After all, it's just kind of payment using the drivers who have nothing to hide can benefit a lot from this concept tailored car insurance.
Annemarie Rencken 22 works as author and consultant to junior ROTTER MEDIA The digital agency located in downtown Munich, Allianz supports with different topics of social media and online for more than five years older, Annemarie studies journalism, linguistics and politics at the LMU in Munich.
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Oliver Manuel Bauer saddled Gary C Bhojwani Clement B Booth Dr. Helga Jung Dr. Christof Mascher Jay Ralph Dr. Dieter Wemmer Dr. Werner Zedelius Dr. Maximilian Zimmerer.
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