Evaluate Insurance Premiums Accurately
IoT-enabled telematics auto insurance enables insurers to collect behavioral data on each driver. Insurers can use this data to process risk-related information on the individual level over time.
The Internet of Things (IoT) enables a new usage-based premium setting known as usage-based insurance (UBI). UBI evaluates risk based on data from driving behavior.
Drivers are no longer satisfied with the one-size-fits-all model that insurance companies use to determine policy rates.
UBI enables insurers to reward safe driving and provide accurate premiums based on data collected from telematics devices within vehicles.
By using telematics to collect data from drivers, auto insurance companies can improve their bottom line by:
Speak with a Telit telematics IoT expert to bring your UBI device ideas to market fast.