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 8 COMMON MISTAKES WHEN USING TELEMATICS DATA IN INSURANCE

8 COMMON MISTAKES WHEN USING TELEMATICS DATA IN INSURANCE

Unlike popular beliefs, the innovation around telematics is not about the technology (Considering we are in 2018) the innovation around telematics is in the analytics of data and in creating value from this data to deliver the best drivers on the roads. The idea of good drivers on the roads is what results to profitability for the insurance company and builds customer satisfaction through more affordable individualized premiums. This means investing in a telematics system is only the first step in innovating a motor solution that can set you apart from the competition. As we know…sooner or latter the competition buys the same telematics system then emulates your exact product… then the cycle continues. However with the amount of data andstatistical trends gathered from a telematics system, innovation should be a continuous process. This is not just innovation in product offering but its innovation in customer engagement, innovation in risk analysis and innovation in operational efficiency.

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