Reward Safe Driving and Restructure Insurance Premiums with Usage-Based Insurance
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 premium setting known as usage-based insurance (UBI). UBI is a model in which risk is evaluated based on data collected from the driver’s real-world driving behaviors. Insurers now can reward customers for safe driving and provide more accurate premiums based on data they collect from telematics devices within vehicles.
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 access claims and reduce fraud effectively
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 based on how they drive. At the heart of the UBI in-car device is a cellular communication module capable of handling the complex cellular data networking environment to keep the vehicle connected and ensure secure and reliable communication of UBI data. Your insurance solution can leverage Telit cellular and global positioning (GNSS) modules, our industry-leading IoT data platform to enable automated in-vehicle device onboarding and data orchestration, and cellular connectivity plans optimized for your UBI solution.