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Telematics and Insurance By Sreenu Musham

Telematics and Insurance By Sreenu Musham. Agenda. What is Telematics ? How does Telematics help in Insurance Premium? What are different products from Insurance? Idle customers for Insurance? Technology to be used for Telematics. What is Telematics ?.

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Telematics and Insurance By Sreenu Musham

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  1. Telematics and InsuranceBy SreenuMusham

  2. Agenda • What is Telematics? • How does Telematics help in Insurance Premium? • What are different products from Insurance? • Idle customers for Insurance? • Technology to be used for Telematics

  3. What is Telematics? • Telematics is defined as machine-to-machine communication, whereby a device plugged into the on-board diagnostics (OBD) port of a vehicle, or originally installed by the manufacturer, collects particular data and sends it via wireless communication to the insurance carrier to derive meaningful and predictive insights about how individuals drive. • Telematics is a method of monitoring a vehicle gathering data such as mileage driven and harsh acceleration and braking.

  4. Telematics provides.. • Speed and Braking • Road Conditions • Distance travelled • Information to Emergency incase of an Accident • Tracking the vehicle helps calculate the cost of your renewal premium

  5. Insurance Products • Earlier Insurance premium is based on average characteristics or certain populations’ gender or age and it is completely obsolete. Europe forced insurance companies not to discriminate the Gender for premium. • PAYD -- Pay As you Drive. • PHYD -- Pay How you Drive. • + Road Side Assistance • + Alerts on Usage

  6. Data Collection,Management and Analysis • Collecting raw data through innovative and cost-effective hardware and mobile technologies • Data gathered from telematics devices and sensors requires a level of pruning and interpretation before analysis. • Telematics Generates Very Huge Data • Manage the massive data sets associated with telematics through highly scalable and secure data centers • Enhance predictability by correlating telematics data with other established data sets for a unique, more accurate risk model

  7. Market Trend… • (Insurance Telematics USA) The potential US insurance telematics market is predicted to climb to 5 million users by the end of 2013 and 60 million by 2019. • According to ABI Research it's in the UK and Italy that insurers will be quickest to adopt this technology, predicting that the number of insurance telematics users in Europe will grow from 1.5 million in 2010 to 44 million in 2017.

  8. Advantages of Telematics .. • Fraud reduction • Stolen vehicle recovery • Less Premium • Travels, Taxi owners, Heavy load owners can track the delivery • warn or change the driver. • Vehicles safety increases • Driver safety will be improved • We can see Reduction in Accidents

  9. Thank You

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