Insurance

How Much Can Telematics Help India Save on Car Insurance Costs? Data and connectivity are fast becoming the currency and profit of the future. Organisations who can move fast will achieve competitive advantage in pricing and in processes. They will be able to use analytics and motor telematics programmes beyond just customer attraction, and deliver highly-valuable insurance products that attract the best risks, and mitigate against the worst risks. As insurance markets worldwide mature, they tend to progress from asset-based risk... [Lire la suite]

Connected car platforms increasingly supporting telematics services in light vehicles Most automakers today have either kept their telematics service management in-house – like telematics service provider OnStar, which is wholly owned by GM – or else they have integrated it into their organization at a corporate level – like Volvo’s ownership stake in WirelessCar. However, the connected car market is changing rapidly, which is presenting exciting new opportunities for merchant-market connected-car platform vendors – enabling... [Lire la suite]

THREE INSURANCE INNOVATIONS TO WATCH RIGHT NOW Every year, insurers impress judges and their industry peers with their inventive ideas at the Efma-Accenture Innovation in Insurance Awards. Three organizations have already earned monthly innovation awards, demonstrating customer-centric approaches to building technology solutions for the digital age. Customer expectations are changing in the insurance industry. Customers expect more—more convenience, more personalized services, more solutions for the changing transportation,... [Lire la suite]

United States: American citizens support for UBI rises four times, compared to a decade ago* Approval of a universal basic income (UBI) has risen sharply in the United States. Karl Widerquist cites a 10-year-old poll showing that only 12% of Americans approved an UBI at that time. Now that number is 48%, according to a Gallup poll, conducted at the end of 2017 (on around 3000 adult US citizens).   The cited poll also shows that women show more support than men (52 and 43% respectively), age strongly correlates... [Lire la suite]

Ford: Opportunities for OEMs to change insurance with connected cars An automaker’s connection to the customer and vehicle could give it pieces of the customer value chain beyond the vehicle purchase and financing, based on a presentation last week from Ford connectivity and emerging services global director Mike Tinskey. Tinskey told a Thursday TU-Automotive webinar on OEMs and usage-based insurance (a term which can mean using telematics to set premiums based on miles driven or driving behavior) that Ford was seeing... [Lire la suite]

ULTIMATE GUIDE TO SELF-DRIVING CARS The debate on the timeline of fully autonomous vehicles traveling on US highways rages on, with the optimists in the industry predicting initial applications to begin as early as 2019 and the skeptics questioning whether 2035 is a realistic launch date. Experts agree that self-driving cars present the auto insurance industry with major challenges, but also with significant near-term opportunities. The greatest potential of automated vehicles in the short term will derive from the vast amounts of... [Lire la suite]

Artificial Intelligence in Insurance – Three Trends That Matter Artificial intelligence is likely to affect the entire landscape of insurance as we know it. Change is here, more is coming. Today, the insurance market is dominated by massive national brands and legacy product lines that haven’t substantially evolved in decades. This kind of stagnations has historically suggested that it is an industry ripe to be disrupted- see the transportation industry and the raise of ride-share applications.  Insurance is an industry... [Lire la suite]

INDIA : Telematics-based insurance takes a big hit due to lack of data protection, IRDA’s fixed pricing laws Bengaluru: Online insurance start-ups, which are trying to use customer data from vehicle trackers and wearable devices, have hit a blockade due to lack of regulatory oversight on premium pricing and data protection. Currently, insurers operating in the motor insurance segment depend on vehicular data, such as engine displacement, capacity of the vehicle, miles driven and age of the vehicle, to price premiums. Despite... [Lire la suite]

Telematics: Is It Worth It?   Telematics technology, also known as user-based insurance, allows an insurer to customize a driver’s insurance premium based on their pattern of driving. It works by monitoring a driver’s behaviours behind the wheel to provide an objective picture of how they drive. The technology assesses: ​The distance driven The time of day that the car is on the road (rush hour, mid-day, night), and How the driver accelerates, brakes and makes turns. Data is collected for each trip. A driver that... [Lire la suite]

CEO OF NEXYAD WAS A SPEAKER AT THE PARIS CHALLENGEr STARTUP & INNOVATION SUMMIT ON AI (ARTIFICIAL INTELLIGENCE) NEXYAD was pleased to participate to this summit on Artificial Intelligence. We could explain how our Artificial Intelligence -based software component SafetyNex is now Embedded in many products worldwide and how it transforms industry (aftermarket for telematics - fleets & insurance -, new vehicles - cockpit and AD systems ). We also explained how such a module, via a reward system, can be used by B2C mass market... [Lire la suite]