Reward safe driving and restructure insurance premiums
As competition increases in the auto insurance industry, drivers are no longer satisfied with the same one-size-fits-all model that insurance companies have historically used to determine policy rates. The Internet of Things (IoT) enables a new usage-based model where risk is evaluated based on data collected from real-world driving behaviors. Insurers are now able to reward customers for safe driving and provide more accurate premiums based on data they collect from telematics devices within vehicles.
Customize your auto insurance offering
With IoT solutions for usage based auto insurance, insurers can collect real-time data from drivers to:
- Assess premiums more accurately based on driving behavior instead of general demographic information.
- Provide more customized insurance plans that reward individuals who drive safer and less often.
- Gain deeper insight into customers to create better products and develop more targeted marketing campaigns.
Improve your bottom line
By using telematics to collect data from drivers, auto insurance companies can improve their bottom line by:
- Forming better customer relationships through more frequent interactions and personalized service.
- Collecting more and better data to effectively access claims and reduce fraud.
- Encouraging safer driving behavior that can help reduce the number of claims filed.
Rise Above the Competition
With so many options for auto insurance, more drivers are looking for car insurance pricing that’s based on how they actually drive. Your company can leverage Telit-enabled IoT solutions for usage based insurance to provide more accurate premiums and personalized services for all drivers.