IoT-Enabled Telematics Solutions for Auto Insurance Companies

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.

Reward Safe Driving and Restructure Insurance Premiums

A man and woman examining a car in a garage for usage-based insurance.

Collect Telematics Data

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.

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A person using a smartphone with a car insurance app that offers usage-based insurance.

Improve 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 claims

Customize Your Car Insurance by Driver

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.

Implement Tailored Insurance Plans

Tailored insurance plans can compensate motorists who drive safely and less frequently. IoT-enabled UBI solutions have the algorithmic power to establish risk profiles for policyholders.

Augment Insights into Consumers

IoT solutions for UBI can help insurers improve product offerings and generate targeted marketing campaigns. Insurance companies can gain a competitive advantage by refining driver-scoring algorithms with service provider partners.