Why Telematics is a Major Disruptor in Insurance

Vehicle Telematics Benefits:

1. It's very easy to track vehicle health and fuel consumption of the vehicle.
2. Encourage policy holder to drive safely and reduce the risk of accident.
3. Experiences drivers often pay unreasonable high premium charges which can be reduced easily.
4. Continuous monitoring of the driver helps to improve the driving behavior.
5. If the policy holder drives very often then he/her will get fewer premium charges.

the vehicle telematics system and user based insurance system is imparting a major disruptive charge in to the auto insurance industry with innovative insurance policy models for customer convenience. However, insurers are implementing different strategies to improve the marketing and sales process of UBI model to maintain the balance in insurance policies. perhaps the priority is also given to the risk management and price calculation from the customer's stand point. The disruptive vehicle telematics system can trigger the process of auto insurance policies and can be sustained without any major change in the insurance company structure, business model and strategy. The vehicle telematics system is known for its conservative posture and disruption is never really easy for such system, especially in the auto insurance industry. But the year 2014 can be a year of continuing transformation of vehicle telematics sytem, in which the insurance companies who remain as innovators will be those who are willing to engage in significant rethinking.

Prime's telematics system, xemplar, enable fast and efficient two way communication between insurers and customers. Xemplars mobile app based system saves you money on hardware and infrastructure costs while also accommodating any mobile device or tablet, reaching drivers anytime and anywhere and providing your business with critical information in real time. 

Telematics as a Major Disruptor

 The digitization process that telematics has brought in recently has made that total insurance industry to stand up and take notice and eventually catch up with this change. Recent research studies have revealed that vehicle telematics is playing a prominent role to disrupt the auto insurance industry for positive business outcomes.